DISCUSSION BOARD PROBLEM - CHAPTER 17 Journalize the following transactions for Gecco Manufacturing. 1. Purchased raw materials on account, $660,000. 2. Raw materials used in production: direct materials = $504,000 and indirect materials = $73,500. 3. Incurred total manufacturing wages of $681,500, of which $586,000 was direct labor and $95,500 was indirect labor. 4. Other manufacturing overhead costs incurred (depreciation, insurance, property taxes, etc.) totalled $215,220. (Record one transaction and credit "Other Accounts.") 5. Allocated manufacturing overhead to jobs, 65% of direct labor costs. 6. Completed production on jobs with costs of $871,800. 7. Sold inventory on account for $1,290,000 that cost $860,000 to manufacture. 8. Record the adjustment to transfer the remaining balance in the manufacturing overhead account to cost of goods sold. Transaction # DEBIT CREDIT