Farid Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal
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Farid Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June.
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June 1 8 15 25 25 28 30 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Time tickets indicated the following: Direct Labor (6,000 hrs $12 per hr) = $ 72,000 Indirect Labor (3,000 hrs x $8 per hr) = 24,000 $ 96,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods. Goods costing $15,000 were sold for $20,000 on account.
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June 1 Purchased raw materials for 20000 on account Journal Entry Raw Materials Inventory 20000 Acco...View the full answer
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Related Book For
Horngrens Accounting The Managerial Chapters
ISBN: 9781292105871
11th Global Edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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