Cremeans $2302$ Spring $2025$

Exam $1$ practice problems

Create the journal entries for the following transactions $($ignore descriptions$)$:

Apr. $1-$ Raw Materials of $$250,000$ purchased for cash

Apr. $25-$ Transferred $$100,000$ materials to factory floor $($ $$100,000$ of direct, $$10,000$ indirect$)$

Apr. $25-$ Recorded Labor for the period $-$ $$290,000$ total, $$150,000$ in Direct labor, $$45,000$ of indirect, $$95,000$ of admin and support.

Apr $31-$ Job $401($cost of $$100,000)$ and job $402($cost of $$25,000)$ completed