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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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 slips
indicated 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 are
automatically indented when amount is entered. Do not indent manually.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aff2365-9f44-4770-b8e3-e2ed0988bbf7%2F607c4cc2-35ce-4c2c-858e-a6e0e81c8bae%2Fj2zjm4d_processed.png&w=3840&q=75)
Transcribed Image Text: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 slips
indicated 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 are
automatically indented when amount is entered. Do not indent manually.)
![No. Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(To record the sale)
(To record the cost of the sale)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aff2365-9f44-4770-b8e3-e2ed0988bbf7%2F607c4cc2-35ce-4c2c-858e-a6e0e81c8bae%2Fiah1kyf_processed.png&w=3840&q=75)
Transcribed Image Text:No. Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(To record the sale)
(To record the cost of the sale)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education