3 Goods Sold are a part of the general ledger. C 43. Factory ledger entries....

 

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3 Goods Sold are a part of the general ledger. C на 43. Factory ledger entries. Spacecraft Corporation has its general office in Princeton, NJ.. and its factory in nearby Trenton. A separate set of records is kept at the general office and at the fac- tory. On January 1, the Trenton factory trial balance showed the following: Finished Goods. Work in Process Materials General Ledger. Total: The following transactions were completed at the factory during the month: (a) Materials purchases. namet. (b) Materials requisitions: Suome Direct A Indirect.... (c) Return of materials to suppliers.... (d) Payments to vendors (before 2% discount) (e) Payrolls for the month: Direct labor ($6 per hour). indirect labor...... Sales salaries Office salaries Groups 19,000 28.500 49,000 96,500 96,500 96,500 (Deduct 6.5% for FICA tax and 10% for federal income tax. Liability for payrolls and payroll taxes is kept on the home office books.) $55,000 67,000 10.000 950 55,000 26,400 6.400 2.800 2.300 () Workers are paid and employer payroll taxes are recorded. The state unemployment insur- ance rate is 2%, the federal unemployment insurance rate is .7%, and employer FICA tax is 6.5%. (g) Sundry factory overhead expenses. $32,000. (h) Factory overhead is applied to production at $5 per direct labor hour. (1) Goods completed amounted to 80% of the total cost in the work in process account. (1) Finished goods amounting to $114,000 were shipped to customers. (A gross profit of 25% is made on these shipments.) quired: Entries in journal form to record the January transactions, using one work in process WIP ount and two parallel vertical columns headed General Office and Trenton Plant. Fott 3 Goods Sold are a part of the general ledger. C на 43. Factory ledger entries. Spacecraft Corporation has its general office in Princeton, NJ.. and its factory in nearby Trenton. A separate set of records is kept at the general office and at the fac- tory. On January 1, the Trenton factory trial balance showed the following: Finished Goods. Work in Process Materials General Ledger. Total: The following transactions were completed at the factory during the month: (a) Materials purchases. namet. (b) Materials requisitions: Suome Direct A Indirect.... (c) Return of materials to suppliers.... (d) Payments to vendors (before 2% discount) (e) Payrolls for the month: Direct labor ($6 per hour). indirect labor...... Sales salaries Office salaries Groups 19,000 28.500 49,000 96,500 96,500 96,500 (Deduct 6.5% for FICA tax and 10% for federal income tax. Liability for payrolls and payroll taxes is kept on the home office books.) $55,000 67,000 10.000 950 55,000 26,400 6.400 2.800 2.300 () Workers are paid and employer payroll taxes are recorded. The state unemployment insur- ance rate is 2%, the federal unemployment insurance rate is .7%, and employer FICA tax is 6.5%. (g) Sundry factory overhead expenses. $32,000. (h) Factory overhead is applied to production at $5 per direct labor hour. (1) Goods completed amounted to 80% of the total cost in the work in process account. (1) Finished goods amounting to $114,000 were shipped to customers. (A gross profit of 25% is made on these shipments.) quired: Entries in journal form to record the January transactions, using one work in process WIP ount and two parallel vertical columns headed General Office and Trenton Plant. Fott

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Answer Solution Note recheck weather Direct material issued is 67000 or 87000Since the number is not ... View the full answer