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June 1 8 15 25 25 Purchased raw materials for $17,600 on account. Raw materials requisitioned by production: Direct materials Indirect materials Direct Labor Paid factory utilities, $1,848 and repairs for factory equipment, $7,040. Incurred $122,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs * $14 per hr) $7,040 (3,000 hrs $8 per hr) 880 $98,000 24,000

June 1 8 15 25 25 Purchased raw materials for $17,600 on account. Raw materials requisitioned by production: Direct materials Indirect materials Direct Labor Paid factory utilities, $1,848 and repairs for factory equipment, $7,040. Incurred $122,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs * $14 per hr) $7,040 (3,000 hrs $8 per hr) 880 $98,000 24,000

FINANCIAL ACCOUNTING
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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Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit
Oriole Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $17,600 on account. 8 Raw materials requisitioned by production: 15 25 25 25 28 30 Direct materials Indirect materials Direct Labor Paid factory utilities, $1,848 and repairs for factory equipment, $7,040. Incurred $122,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs $14 per hr) $7,040 (3,000 hrs $8 per hr) 880 $98,000 24.000 $122.000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18.500 were completed in the factory and were transferred to finished goods inventory. Goods costing $15.500 were sold for $20.500 on account.
Transcribed Image Text:Oriole Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $17,600 on account. 8 Raw materials requisitioned by production: 15 25 25 25 28 30 Direct materials Indirect materials Direct Labor Paid factory utilities, $1,848 and repairs for factory equipment, $7,040. Incurred $122,000 of factory labor. Time tickets indicated the following: Indirect Labor (7,000 hrs $14 per hr) $7,040 (3,000 hrs $8 per hr) 880 $98,000 24.000 $122.000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18.500 were completed in the factory and were transferred to finished goods inventory. Goods costing $15.500 were sold for $20.500 on account.
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