. Fashion Fabrics makes custom handbags and accessories for high-end clothing boutiques. Re cord summary journal entries...

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Fashion Fabrics makes custom handbags and accessories for high-end clothing boutiques. Re cord summary journal entries for each of the following transactions that took place during the month of January, the first month of the fiscal year. Requirements 1. During January, $150,000 of raw materials was purchased on account. 2. During the month, $140,000 of raw materials was requisitioned. Of this amount, $135,000 was traced to specific jobs, while the remaining materials were for general factory use. 3. Manufacturing labor (both direct and indirect) for the month totaled S80,000. It has not yet been paid. Of this amount, $60,000 was traced to specific jobs. 4. The company recorded $9,000 of depreciation on the plant building and machinery In addition, $3,000 of prepaid property tax expired during the month. The company also received the plant utility bill for S6,000. 5. Manufacturing overhead was allocated to jobs using a predetermined manufacturing overhead rate of 75% of direct labor cost. (Hint: Total direct labor cost is found in Requirement 3.) 6. Several jobs were completed during the month. According to the job cost records, these jobs cost $255,000 to manufacture. 7. Sales (all on credit) for the month totaled S340,000, According to the job cost records, the units sold cost $250,000 to manufacture. Assume the company uses a perpetual inventory system. Fashion Fabrics makes custom handbags and accessories for high-end clothing boutiques. Re cord summary journal entries for each of the following transactions that took place during the month of January, the first month of the fiscal year. Requirements 1. During January, $150,000 of raw materials was purchased on account. 2. During the month, $140,000 of raw materials was requisitioned. Of this amount, $135,000 was traced to specific jobs, while the remaining materials were for general factory use. 3. Manufacturing labor (both direct and indirect) for the month totaled S80,000. It has not yet been paid. Of this amount, $60,000 was traced to specific jobs. 4. The company recorded $9,000 of depreciation on the plant building and machinery In addition, $3,000 of prepaid property tax expired during the month. The company also received the plant utility bill for S6,000. 5. Manufacturing overhead was allocated to jobs using a predetermined manufacturing overhead rate of 75% of direct labor cost. (Hint: Total direct labor cost is found in Requirement 3.) 6. Several jobs were completed during the month. According to the job cost records, these jobs cost $255,000 to manufacture. 7. Sales (all on credit) for the month totaled S340,000, According to the job cost records, the units sold cost $250,000 to manufacture. Assume the company uses a perpetual inventory system.

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