Travis Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The

Question:

Travis Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during August 2019:

Aug. 5 Received \($4,500\) of materials and components that had been ordered on account.

7 Recorded the payroll: \($3,250\) of direct labor and \($750\) of indirect labor.

11 Sold on account product costing \($1,750\) for $2,600.

16 Completed product costing \($8,000\) and transferred it to the warehouse.

20 Requisitioned \($3,500\) of materials for use in the factory; \($2,950\) was used as direct materials and the remainder was used as indirect materials.

25 Applied \($5,000\) of manufacturing overhead cost to the product currently being worked on.

29 Paid \($200\) cash for a special material component that was shipped via overnight delivery.

31 Sold product costing \($500\) for \($850\) cash.

Required 

Prepare general journal entries to record these transactions.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Managerial Accounting For Undergraduates

ISBN: 9780357499948

2nd Edition

Authors: James Wallace, Scott Hobson, Theodore Christensen

Question Posted: