1. Purchased materials on account for $800,000. 2. Used direct materials in production costing $485,000. 3. Applied direct labor costs of $500,000 to various jobs. 4. Applied manufacturing overhead at a rate of $10 per direct labor hour. (Direct labor workers earn $20 per hour.) 5. Incurred actual manufacturing overhead costs of $245,000 (credit "Various Accounts"). 6. Transferred completed jobs costing $745,000 to finished goods. 7. Sold completed jobs for $1,000,000 on account. The cost applied to the jobs sold totaled $615,000. 8. Closed the Manufacturing Overhead account directly to Cost of Goods Sold on June 30. Required: a. Prepare a journal entry for each of the eight transactions listed above. b. Compute the balance of the Cost of Goods Sold account at June 30. c. Determine the company's inventory balances at the end of June. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a journal entry for each of the eight transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list

1. Purchased materials on account for $800,000. 2. Used direct materials in production costing $485,000. 3. Applied direct labor costs of $500,000 to various jobs. 4. Applied manufacturing overhead at a rate of $10 per direct labor hour. (Direct labor workers earn $20 per hour.) 5. Incurred actual manufacturing overhead costs of $245,000 (credit "Various Accounts"). 6. Transferred completed jobs costing $745,000 to finished goods. 7. Sold completed jobs for $1,000,000 on account. The cost applied to the jobs sold totaled $615,000. 8. Closed the Manufacturing Overhead account directly to Cost of Goods Sold on June 30. Required: a. Prepare a journal entry for each of the eight transactions listed above. b. Compute the balance of the Cost of Goods Sold account at June 30. c. Determine the company's inventory balances at the end of June. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a journal entry for each of the eight transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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