25 28 30 30 Sheridan Manufacturing Company uses a job order cost system and keeps perpetual...

 

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25 28 30 30 Sheridan Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $22,800 on account. 8 Raw materials requisitioned by production: $9,120 Direct materials Indirect materials 1,140 15 Paid factory utilities, $2,394 and repairs for factory equipment, $9,120. 25 Incurred $128,000 of factory labor. 25 Time tickets indicated the following: (7,000 hrs x Direct $14 = $98,000 Labor per hr) (3,000 hrs x Indirect $10 =1 30,000 Labor per hr) $128,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. Goods costing $18,850 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,850 were sold for $20,850 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) 25 28 30 30 Sheridan Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $22,800 on account. 8 Raw materials requisitioned by production: $9,120 Direct materials Indirect materials 1,140 15 Paid factory utilities, $2,394 and repairs for factory equipment, $9,120. 25 Incurred $128,000 of factory labor. 25 Time tickets indicated the following: (7,000 hrs x Direct $14 = $98,000 Labor per hr) (3,000 hrs x Indirect $10 =1 30,000 Labor per hr) $128,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. Goods costing $18,850 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,850 were sold for $20,850 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Answer rating: 100% (QA)

Answer The journal entries for the transactions during the month of June are as follows June 1 Raw M... View the full answer