Question: Prepare journal entries to record transactions a through h . Raw materials purchased on credit, $118,000. Direct materials used, $46,500. Indirect materials used, $20,800. Direct

Prepare journal entries to record transactions a through h.

  1. Raw materials purchased on credit, $118,000.
  2. Direct materials used, $46,500. Indirect materials used, $20,800.
  3. Direct labor used, $43,000. Indirect labor used, $17,000. (Record using Factory Wages Payable.)
  4. Paid cash for other actual overhead costs, $9,375.
  5. Applied overhead at the rate of 125% of direct labor cost.
  6. Transferred cost of jobs completed to finished goods, $91,000.
  7. Sales of jobs on credit was $130,000.
  8. Cost of jobs sold was $91,000.

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