Crane Company purchases $52,000 of raw materials on account, and it incurs $62,400 of factory labor costs. Supporting records show that (a) the Assembly Department used $24,960 of direct materials and $36,400 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Crane Company purchases $52,000 of raw materials on account, and it incurs $62,400 of factory labor costs. Supporting records show that (a) the Assembly Department used $24,960 of direct materials and $36,400 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Description: Hiren Add explanation Crane Company purchases $52,000 of raw materials on account, and it incurs $62,400 of factory labor costs. Supporting records showthat (a) the Assembly Department used $24,960 of direct materials and $36,400 of direct labor, and

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

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