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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:## 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.

Transcribed Image Text: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.
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