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a. Materials purchased on account, $412,000. Description c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit d. Depreciation of the factory equipment, $26,000. Description e. Depreciation of the office equipment, $15,000. Description f. Factory prepaid rent that expired during the period, $6,000. Description Debit g. Office prepaid rent that expired during the period, $2,000. Description Debit Debit Debit Debit Credit Debit Credit Credit Credit Credit Credit

a. Materials purchased on account, $412,000. Description c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit d. Depreciation of the factory equipment, $26,000. Description e. Depreciation of the office equipment, $15,000. Description f. Factory prepaid rent that expired during the period, $6,000. Description Debit g. Office prepaid rent that expired during the period, $2,000. Description Debit Debit Debit Debit Credit Debit Credit Credit Credit Credit Credit

FINANCIAL ACCOUNTING
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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please answer parts A to L

h. Other costs incurred on account for factory overhead included $40,000. Description j. Close out the factory overhead balance to cost of goods sold. Description i. Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overhead is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead. Description Debit Credit k. Jobs completed during the period, $900,000. Description 1. Cost of goods sold, $850,000. Debit Description Debit Debit Credit Debit Credit Credit Credit
Transcribed Image Text:h. Other costs incurred on account for factory overhead included $40,000. Description j. Close out the factory overhead balance to cost of goods sold. Description i. Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overhead is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead. Description Debit Credit k. Jobs completed during the period, $900,000. Description 1. Cost of goods sold, $850,000. Debit Description Debit Debit Credit Debit Credit Credit Credit
a. Materials purchased on account, $412,000. Description c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit d. Depreciation of the factory equipment, $26,000. Description e. Depreciation of the office equipment, $15,000. Description f. Factory prepaid rent that expired during the period, $6,000. Description Debit g. Office prepaid rent that expired during the period, $2,000. Description Debit Debit Debit Debit Credit Debit Credit Credit Credit Credit Credit
Transcribed Image Text:a. Materials purchased on account, $412,000. Description c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit d. Depreciation of the factory equipment, $26,000. Description e. Depreciation of the office equipment, $15,000. Description f. Factory prepaid rent that expired during the period, $6,000. Description Debit g. Office prepaid rent that expired during the period, $2,000. Description Debit Debit Debit Debit Credit Debit Credit Credit Credit Credit Credit
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