Prepare summary journal entries to record the following transactions for a company in its first month of operations.
a. Raw materials purchased on account, $90,000.
b. Direct materials used in production, $39,500.
c. Indirect materials used in production, $18,000. Paid cash for factory payroll, $60,000.
d. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.
e, Paid cash for other actual overhead costs, $7,625.
f. Applied overhead at the rate of 125% of direct labor cost.
g. Transferred cost of jobs completed to finished goods, $65,000.
h. Sold jobs on account for $92,800. The jobs had a cost of $65,000.
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Ответ:
The journal has been attached
Explanation:
The summary journal entries to record the following transactions for a company in its first month of operations has been attached.
Note that the work on process Inventory for (f) was calculated as the direct labor of 40000 multiplied by 125%. This will be:
= 40000 × 125%
= 40000 × 1.25
= 50000
Ответ:
Posca thx for free points (if they was)
Explanation: