Question: this is the problem and what i have so far 8,400 11) The following information is available for the Annum Corporation for the current year:

 this is the problem and what i have so far 8,400this is the problem and what i have so far
11) The following information is available for the Annum Corporation for the

8,400 11) The following information is available for the Annum Corporation for the current year: Cost of goods sold $292,000 Depreciation of factory equipment 25,200 Direct labor 64,750 Finished goods inventory, Beginning-year.... 45,000 Factory insurance 11,200 Factory utilities 16,800 Goods transferred from Work in Process Inventory to Finished Goods Inventory ....... Indirect labor 285,150 Raw materials inventory, Beginning year....... 4,200 Raw materials purchased 116,200 Raw materials used in production includes $7,000 of indirect materials) 121,800 Rent on factory building 22,400 Annum Company uses a predetermined overhead rate of 150% of direct labor cost. Prepare journal entries for the following transactions and events: (a) Purchase of raw materials on account. (b) Assignment of materials costs to Work in Process Inventory and Factory Overhead. (c) Assignment of Factory Payroll to Work in Process Inventory and Factory Overhead. (d) Recording of other factory overhead. Assume that all items other than depreciation are paid in cash. (e) Assignment of Factory Overhead to Work in Process Inventory. Transfer of goods completed to Finished Goods Inventory. (9) Recording cost of goods sold. (h) Assignment of over- or underapplied overhead to Cost of Goods Sold. Prepare the journal entries on the next page. Date Post Ref Debit Credit Description Raw Materials Accounts Payable Goods inventory 116 200 116200

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