Glance Cosa makes custom handbags for high-end clothing boutiques. Record summary journal entries for each of the following transactions that took place during the month of January, the first month of the fiscal year. 4. During January, $150,000 of raw materials was purchased on account. а. During the month, $140,000 of raw materials was requisitioned. Of this amount, $135,000 was traced to specific jobs, while the remaining materials were for general factory use. b. Manufacturing labor (both direct and indirect) for the month totaled $80,000. It has not yet been paid. Of this amount, $60,000 was traced to specific jobs. с. Manufacturing overhead was allocated to jobs by using a predetermined manufacturing overhead rate of 75% of direct labor cost. (hint: Total direct labor cost is found in transaction c). d. Several jobs were completed during the month. According to the job cost records, these jobs cost $255,000 to manufacture. е.
Glance Cosa makes custom handbags for high-end clothing boutiques. Record summary journal entries for each of the following transactions that took place during the month of January, the first month of the fiscal year. 4. During January, $150,000 of raw materials was purchased on account. а. During the month, $140,000 of raw materials was requisitioned. Of this amount, $135,000 was traced to specific jobs, while the remaining materials were for general factory use. b. Manufacturing labor (both direct and indirect) for the month totaled $80,000. It has not yet been paid. Of this amount, $60,000 was traced to specific jobs. с. Manufacturing overhead was allocated to jobs by using a predetermined manufacturing overhead rate of 75% of direct labor cost. (hint: Total direct labor cost is found in transaction c). d. Several jobs were completed during the month. According to the job cost records, these jobs cost $255,000 to manufacture. е.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Glance Cosa makes custom handbags for high-end clothing boutiques. Record summary
journal entries for each of the following transactions that took place during the month of
January, the first month of the fiscal year.
а.
During January, $150,000 of raw materials was purchased on account.
During the month, $140,000 of raw materials was requisitioned. Of this amount,
$135,000 was traced to specific jobs, while the remaining materials were for
general factory use.
b.
Manufacturing labor (both direct and indirect) for the month totaled $80,000. It
has not yet been paid. Of this amount, $60,000 was traced to specific jobs.
с.
d.
Manufacturing overhead was allocated to jobs by using a predetermined
manufacturing overhead rate of 75% of direct labor cost. (hint: Total direct labor
cost is found in transaction c).
Several jobs were completed during the month. According to the job cost records,
these jobs cost $255,000 to manufacture.
е.
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