Crane Manufacturing Company uses a job order cost system and keeps perpetual inventory records.June 181525252528Purchased raw materials for $20.800 on account.Raw materials requisitioned by production:Direct materialsIndirectmaterialsDatePaid factory utilities, $2,104 and repairs for factory equipment, $8,320.Incurred $128,000 of factory labor.Time tickets indicated the following:Direct LaborIndirect Labor(7.000 hrs * $14 per(lv)(3,000 hrs $10 perhr)01$8,320Account Titles and Explanation1,040$128.000Applied manufacturing overhead to production based on a predetermined over head rate of $9 per direct labor hourworked.Goods costing $18.350 were completed in the factory and were transferred to finished goods inventory.Goods costing $15,350 were sold for $20.350 on account.Prepare journal entries to record the above transactions during the month of June. (Credit account tities are automatically indented whenthe amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in theproblem)(To record factory labor costs)$98,000(To apply overhead to jobs)30,000(To assign factory labor to jobs and overhead)DebitCredit

In a perpetual inventory system, an organization continuously updates its real-time inventory…

Crane Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $20,000 on account. 8Raw materials requisitioned by production: Direct materials Indirect 15 materials Paid factory utilities, $2,104 and repairs for factory equipment, $6.320 25 Incurred $128,000 of factory labor. Time tickets indicated the following: 25 25 28 30 Direct Labor Indirect Labor Date (7,000 hrs $14 per lv) $8.320 (3,000 hrs $10 per hr) 1,040 $98,000 $128.000 Applied manufacturing overhead to production based on a predetermined over head rate of 59 per direct labor hour worked Goods costing $18.350 were completed in the factory and were transferred to finished goods inventory Goods costing $15,350 were sold for $20.350 on account. Account Titles and Explanation 30.000 Prepare journal entries to record the above transactions during the month of June. (Credit account are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the onder presented in the problem) Debit Credit

Crane Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $20,000 on account. 8Raw materials requisitioned by production: Direct materials Indirect 15 materials Paid factory utilities, $2,104 and repairs for factory equipment, $6.320 25 Incurred $128,000 of factory labor. Time tickets indicated the following: 25 25 28 30 Direct Labor Indirect Labor Date (7,000 hrs $14 per lv) $8.320 (3,000 hrs $10 per hr) 1,040 $98,000 $128.000 Applied manufacturing overhead to production based on a predetermined over head rate of 59 per direct labor hour worked Goods costing $18.350 were completed in the factory and were transferred to finished goods inventory Goods costing $15,350 were sold for $20.350 on account. Account Titles and Explanation 30.000 Prepare journal entries to record the above transactions during the month of June. (Credit account are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the onder presented in the problem) 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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