Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 of factory labor costs. Supporting re show that (a) the Assembly Department used $25,920 of direct materials and $37,800 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. C account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 (To record materials used) (To assign factory labor to production) Debit Credit

Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 of factory labor costs. Supporting re show that (a) the Assembly Department used $25,920 of direct materials and $37,800 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. C account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 (To record materials used) (To assign factory labor to production) Debit Credit

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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oriole company purchases $44, 000 of raw materials on account, and it incurs $52, 800 of factory labor costsOriole Company purchases $44,000 of raw materials on account, and it incurs $52, 800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 (To record raw materials purchased ) 31 (To record factory labor costs)