The following transactions were incurred by Gregor Fabricators during January, the first month of its fiscal year. Requirements Record the proper journal entry for each transaction. a. $205,000 of materials was purchased on account. b. $170,000 of materials was used in production; of this amount, $152,000 was used on specific jobs. c. Manufacturing labor and salaries for the month totaled $255,000.$215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $12,000 which will be paid at a

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Problem 3. E3-41B Record journal entries (5 points) The following transactions were incurred by Gregor Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper joumal entry for each transaction. a. $205,000 of materials was purchased on account. b. $170,000 of materials was used in production; of this amount, $152,000 was used on specific jobs. c. Manufacturing labor and salaries for the month totaled $255,000. $215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $12,000 which will be paid at a later date. e. $79,000 of manufacturing overhead was allocated to specific jobs. The company received a bill for CAD design services for $1,000. f. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Problem 3. E3-41B Record journal entries (5 points) The following transactions were incurred by Gregor Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper joumal entry for each transaction. a. $205,000 of materials was purchased on account. b. $170,000 of materials was used in production; of this amount, $152,000 was used on specific jobs. c. Manufacturing labor and salaries for the month totaled $255,000. $215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $12,000 which will be paid at a later date. e. $79,000 of manufacturing overhead was allocated to specific jobs. The company received a bill for CAD design services for $1,000. f. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?