• Question: 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $145,000 cash. b. Used raw materials as follows: direct materials, $72,040; and indirect materials, $13,000. c. Recorded factory wages payable costs as follows: direct labor, $209,750; and indirect labor, \$28,000. d. Incurred other actual factory

  

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1 500 points eBook References Cubus Ilivery, $170,000, Jails, 4, CUSTOI QUE VI, pv, i actory Fayivil rayavit, u, and actory Ovtilitan, pu. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $145,000 cash. b. Used raw materials as follows: direct materials, $72,040; and indirect materials, $13,000. c. Recorded factory wages payable costs as follows: direct labor, $209,750; and indirect labor, $28,000. d. Incurred other actual factory overhead costs of $63,875 paid in cash. e. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July work in process (WIP) inventory follows. Use this information with that from part 1 to prepare a production cost report, assuming the weighted average method is used. Units Beginning WIP inventory Started 8,000 units 17,000 units Units transferred out 14,000 units Ending WIP inventory 11,000 units Beginning WIP Inventory Direct materials-Percent complete Conversion-Percent complete Ending WIP Inventory Direct materials-Percent complete Conversion-Percent complete 100% 80% 100% 30% 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: f. Total costs transferred to finished goods for July. g. Sale of finished goods costing $280,700 for $655,000 in cash. 4. Post entries from parts 1 and 3 to the following general ledger accounts. 5. Compute the amount of gross profit from the sales in July. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of gross profit from the sales in July. Gross profit < Required 4 Required 5 >