Question: Prepare journal entries to record transactions a through h . Raw materials purchased on credit, $84,000. Direct materials used, $38,000. Indirect materials used, $13,500. Direct

Prepare journal entries to record transactions a through h.

  1. Raw materials purchased on credit, $84,000.
  2. Direct materials used, $38,000. Indirect materials used, $13,500.
  3. Direct labor used, $31,000. Indirect labor used, $14,000. (Record using Factory Wages Payable.)
  4. Paid cash for other actual overhead costs, $7,250.
  5. Applied overhead at the rate of 120% of direct labor cost.
  6. Transferred cost of jobs completed to finished goods, $58,500.
  7. Sales of jobs on credit was $84,000.
  8. Cost of jobs sold was $58,500.

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