factory had the following transactions during January: 1. Purchase of Direct Materials for cash: $118,000 2. Usage of Direct material: $72,000 Usage of Indirect material: $13,000 Direct labor incurred: $ 55,000(paid cash) Indirect labor incurred: $18,000 (on account) Manufacturing overhead costs incurred: Utilities $6,000 (paid cash), Depreciation on manufacturing machinery $7,000, Manufacturing machinery repairs $2,700 (paid cash), Insurance on the plant $5,000 (paid cash) Manufacturing overhead allocated: $45,000 Completion and transfer of jobs to finished goods: $152,000 Sale of finished goods: cost of goods sold $98,000 and selling price: $127,000 (sold on account). equired: Journalize the above transactions.

factory had the following transactions during January: 1. Purchase of Direct Materials for cash: $118,000 2. Usage of Direct material: $72,000 Usage of Indirect material: $13,000 Direct labor incurred: $ 55,000(paid cash) Indirect labor incurred: $18,000 (on account) Manufacturing overhead costs incurred: Utilities $6,000 (paid cash), Depreciation on manufacturing machinery $7,000, Manufacturing machinery repairs $2,700 (paid cash), Insurance on the plant $5,000 (paid cash) Manufacturing overhead allocated: $45,000 Completion and transfer of jobs to finished goods: $152,000 Sale of finished goods: cost of goods sold $98,000 and selling price: $127,000 (sold on account). equired: Journalize the above transactions.

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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