Problem Qu. 3-89 The selected data that follow relate to the...

The selected data that follow relate to the Underwood Furniture Company.

Direct material purchased on account	$	180,000
Direct material used		79,000
Direct labor		180,000
Manufacturing overhead incurred		150,000
Manufacturing overhead applied		110,000

During the year, products costing $330,000 were completed, and products costing $346,000 were sold on account for $495,000.

Required:

Prepare journal entries to record the preceding transactions and events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1 Record the purchase of the inventory 2 Record the issue of material for processing 3 Record the wages payable 4 Record the manufacturing overhead incurred 5 Record the manufacturing overhead applied 6 Record the transfer of completed products to finished- goods inventory 7 Record the sales revenue Note : = journal entry has been entered