Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000....

Transcribed Image Text:

Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used, $46,000. Indirect labor used, $24,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,750. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $86,000. g. Sales of jobs on credit was $123,000. h. Cost of jobs sold was $86,000. Answer is not complete. 1 No Transaction a. General Journal Debit Credit Raw materials inventory Accounts payable 108,000 108,000 2 b(1). Work in process inventory Raw materials inventory 44,000 44,000 3 b(2). Factory overhead 19,800 Raw materials inventory 19,800 4 c(1). Work in process inventory 46,000 Factory wages payable 46,000 5 c(2) Factory overhead 24,000 Factory wages payable 24,000 6 d. Factory overhead 8,750 Cash 8,750 7 e. Work in process inventory 55,200 Factory overhead 55,200 8 f. Finished goods inventory 86,000 Work in process inventory 86,000 10 h. Cost of goods sold 86,000 Finished goods inventory 86,000 Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used, $46,000. Indirect labor used, $24,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,750. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $86,000. g. Sales of jobs on credit was $123,000. h. Cost of jobs sold was $86,000. Answer is not complete. 1 No Transaction a. General Journal Debit Credit Raw materials inventory Accounts payable 108,000 108,000 2 b(1). Work in process inventory Raw materials inventory 44,000 44,000 3 b(2). Factory overhead 19,800 Raw materials inventory 19,800 4 c(1). Work in process inventory 46,000 Factory wages payable 46,000 5 c(2) Factory overhead 24,000 Factory wages payable 24,000 6 d. Factory overhead 8,750 Cash 8,750 7 e. Work in process inventory 55,200 Factory overhead 55,200 8 f. Finished goods inventory 86,000 Work in process inventory 86,000 10 h. Cost of goods sold 86,000 Finished goods inventory 86,000

Answer rating: 100% (QA)

Answer Transaction General Journal Debit Credit Explanation a Raw materials inventory 108000 Account... View the full answer