## Costs Incurred in August### Table of Costs:- **Direct Materials:** $34,000- **Direct Labor:** $42,300- **Manufacturing Overhead Applied:** $60,800### Instructions:Record the journal entries for costs incurred in August.### Journal Entry Template:| Date | Description | Debit | Credit ||------|------------------------------|-------|--------|| | Accounts Payable | | || | Accounts Receivable | | || | Cost of Goods Sold | | || | Direct Materials | | || | Fees Earned | | || | Finished Goods Inventory | | || | Manufacturing Overhead | | || | Sales Revenue | | || | Wages Payable | | || | Work-in-Process | | |This table helps to organize and categorize financial transactions related to the costs incurred in August, allowing for an accurate record of financial activities. The following data refer to a production center of Go Faster, a sports drink bottler. Work in process inventory, August 1, 20XX is 4,300 units (units equal to 12-bottle cases):**Go Faster**| Description | Amount ||------------------------------------|---------|| Direct Materials | 11,700 || Direct Labor | 6,190 || Manufacturing Overhead applied | 8,120 || **Total** | 26,010 |Units started in August: 11,400**Costs incurred in August:**| Description | Amount ||------------------------------------|---------|| Direct Materials | 34,000 || Direct Labor | 42,300 || Manufacturing Overhead applied | 60,800 |Record the journal entries for costs incurred in August.| Date | Description | Debit | Credit ||------------|-----------------------|---------|---------|| | | | || | | | || | | | || | | | |Note: The table at the bottom is intended for recording journal entries, with columns for Date, Description, Debit, and Credit, but it currently lacks data entries.

The journal entries are prepared to record the transactions on regular basis. The direct Costs are…

a production center of Go Faster, a sport drink bottler. Work in process is 4,300 units (units equal to 12-bottle cases): er 11,700 6,190 applied 8,120 26,010 st: 11,400 34,000 42,300 applied 60,800 for cost incurred in August. Debit Credit

a production center of Go Faster, a sport drink bottler. Work in process is 4,300 units (units equal to 12-bottle cases): er 11,700 6,190 applied 8,120 26,010 st: 11,400 34,000 42,300 applied 60,800 for cost incurred in August. Debit Credit

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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Sunland Furniture Company manufactures living room furniture through two departments: Framing and Upholstering. The company uses the weighted-average method. Materials are entered at the beginning of each process. For May, the following cost data are obtained from the two work in process accounts. Work in process, May 1 Materials Conversion costs Costs transferred in Costs transferred out Work in process, May 31 (a) Framing 407,000 Save for Later $0 168.000 Answer the following questions. 320,000 0 114,000 Unit cost of materials for May Upholstering $ $? ? 320,000 320,000 If 3,700 sofas were started into production on May 1 and 2,000 sofas were transferred to Upholstering, what was the unit cost of materials for May in the Framing Department? ? ? Attempts: 0 of 1 used Submit Answer