Oriole Corporation incurred the following transactions.1.Purchased raw materials on account $50,990.Raw Materials of $39,600 were requisitioned to the factory. An analysis of the materials requisition slipsindicated that $7,540 was classified as indirect materials.2.3.Factory labor costs incurred were $65,920.4.Time tickets indicated that $59,400 was direct labor and $6,520 was indirect labor.5.Manufacturing overhead costs incurred on account were $88,550.6.Depreciation on the company's office building was $8,880.7.Manufacturing overhead was applied at the rate of 150% of direct labor cost.8.Goods costing $96,800 were completed and transferred to finished goods.9.Finished goods costing $82,500 to manufacture were sold on account for $113,300.Journalize the transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually.) No. Account Titles and ExplanationDebitCredit(1)(2)(3)(4)(5)(6)(7)(8)(9)(To record the sale)(To record the cost of the sale)

The initial, systematical recording of all monetary business transactions is called a journal entry.…

Driole Corporation incurred the following transactions. 1. Purchased raw materials on account $50,990. Raw Materials of $39,600 were requisitioned to the factory. An analysis of t indicated that $7,540 was classified as indirect materials. 2. 3. Factory labor costs incurred were $65,920.

Driole Corporation incurred the following transactions. 1. Purchased raw materials on account $50,990. Raw Materials of $39,600 were requisitioned to the factory. An analysis of t indicated that $7,540 was classified as indirect materials. 2. 3. Factory labor costs incurred were $65,920.

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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Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
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