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Cullumber Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 8 15 25 25 25 28 30 Purchased raw materials for $16,800 on account. Raw materials requisitioned by production: Direct materials Indirect materials Direct Labor Paid factory utilities, $1.764 and repairs for factory equipment. $6,720. Incurred $128,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs x $14 per hr) $6.720 (3,000 hrs $10 per hr) 840 $98,000 30,000 $128,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. Goods costing $18,300 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,300 were sold for $20,300 on account.

Cullumber Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 8 15 25 25 25 28 30 Purchased raw materials for $16,800 on account. Raw materials requisitioned by production: Direct materials Indirect materials Direct Labor Paid factory utilities, $1.764 and repairs for factory equipment. $6,720. Incurred $128,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs x $14 per hr) $6.720 (3,000 hrs $10 per hr) 840 $98,000 30,000 $128,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. Goods costing $18,300 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,300 were sold for $20,300 on account.

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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Cullumber Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $16,800 on account. Raw materials requisitioned by production: 8 15 25 25 25 28 30 Direct materials Indirect materials Direct Labor Paid factory utilities, $1.764 and repairs for factory equipment. $6,720. Incurred $128,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs x $14 per hr) $6,720 (3,000 hrs $10 per hr) 840 $98,000 30,000 $128,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. Goods costing $18,300 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,300 were sold for $20,300 on account.
Transcribed Image Text:Cullumber Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $16,800 on account. Raw materials requisitioned by production: 8 15 25 25 25 28 30 Direct materials Indirect materials Direct Labor Paid factory utilities, $1.764 and repairs for factory equipment. $6,720. Incurred $128,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs x $14 per hr) $6,720 (3,000 hrs $10 per hr) 840 $98,000 30,000 $128,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. Goods costing $18,300 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,300 were sold for $20,300 on account.
Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Raw Materials Inventory Date June 1: June 8 June 15 June 25 1 direct Debit 16,800 (6,720) Credit 16,800 (6,720)
Transcribed Image Text:Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Raw Materials Inventory Date June 1: June 8 June 15 June 25 1 direct Debit 16,800 (6,720) Credit 16,800 (6,720)
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