Problem I-(A)- (8 points) Journalize the following entries for Wiley Company. (1) Purchased raw materials for $73,500 on account. (2) Raw materials requisitioned for production in a process costing system were: Direct materials: Cutting department Assembly department (3) Factory labor cost incurred: Cutting department Assembly department $15,500 10,700 $33,000 27,000 (4) Other factory overhead incurred $45,000, (credit accounts payable) (5) Factory overhead is applied to the products based on machine hours used in each department: Cutting department-400 machine hours at $30 per machine hour. Assembly department-500 machine hours at $20 per machine hour. (6) Units costing $56,000 were completed in the Cutting Department and were transferred to the Assembly Department. (7) Units costing $75,000 were completed in the Assembly Department and were transferred to finished goods. (8) Finished goods costing $45,000 were sold on account for $60,000.

Problem I- (A) - (8 points) Journalize the following entries for Wiley Company. (1) Purchased raw materials for $73,500 on account. (2) Raw materials requisitioned for production in a process costing system were: (4) Other factory overhead incurred $45,000, (credit accounts payable) (5) Factory overhead is applied to the products based on machine hours used in each department: Cutting department -400 machine hours at $30 per machine hour. Assembly department -500 machine hours at $20 per machine hour. (6) Units costing \$\$6,000 were completed in the Cutting Department and were transferred to the Assembly Department. (7) Units costing $75,000 were completed in the Assembly Department and were transferred to finished goods. (8) Finished goods costing $45,000 were sold on account for $60,000