I knly need help with question 9

8. General Hollis has the following data about his manufacturing concern: Ending inventory of work in process is $200,000 while the beginning inventory of work- in-process is $400,000. The company had ending inventory of direct materials of $250,000 and beginning inventory of direct materials of $800,000. Direct materials purchased during the period was $700,000. Discount received on direct materials purchased was $150,000 while the cost of direct materials returned was $50,000. There were records of delivery expenses (freight- out) in the amount of $70,000; and as a result of FOB shipping point on some of the materials purchased the company incurred transportation-in of $180,000. Factory overhead incurred was $500,000 while direct labor cost was $400,000. The beginning inventory of finished goods was $600,000 Required: Using the information above, present the cost of goods manufactured schedule and identify the following information in your schedule: A. The direct materials used B. The current manufacturing cost C. The total manufacturing cost D. The cost of goods manufactured E. The cost of goods available for sale 9. Make necessary journal entries for the following transactions in a manufacturing concern. Jan 1, 2016 Purchased materials for $1,000,000 on account. Jan 4, Requisitioned for direct materials of $700,000 placed into production process. Jan 7 Requisitioned for indirect materials of $100,000 placed into production process Jan 10 Paid for direct labor of $300,000. Jan 15 Paid for indirect labor of $250,000. Jan 20 Paid other factory overhead expenses of $630,000. Jan 30 The Company applied $800,000 of factory overhead to work in process. Required: a)_Make necessary journal entries for the transactions above. b) Assuming the over- or under-applied overhead was immaterial, make necessary entries for disposing off that immaterial over- or under-applied overhead. 120% Page 3 of 6 D Focus 9. Make necessary journal entries for the following transactions in a manufacturing concern. Jan 1, 2016 Jan 4, Jan 7 Jan 10 Jan 15 Jan 20 Jan 30 Purchased materials for $1,000,000 on account. Requisitioned for direct materials of $700,000 placed into production process. Requisitioned for indirect materials of $100,000 placed into production process Paid for direct labor of $300,000. Paid for indirect labor of $250,000. Paid other Factory overhead expenses of $630,000. The Company applied $800,000 of factory overhead to work in process. Required: a) Make necessary journal entries for the transactions above. b) Assuming the over- or under-applied overhead was immaterial, make necessary entries for disposing off that immaterial over- or under-applied overhead