Oceanic Company, a well-known manufacturer of high quality speed boats, provided the following information for the month of August 2019. Job # 6 Job # 7 Job # 8 Allocated Manufacturing Overhead $26,200 $24, 400 $28, 300 Direct Labor $24, 200 $21, 100 $20, 300 Direct Materials $19, 100 $23,200 $24,800 Total $69, 500 $68, 700 $73, 400 The August sales report showed that Job # 6 and #8 were sold for cash amounting to $103, 500 and $101, 300 respectively. Job # 7 is still unsold. Record the above sale. Assume that Oceanic Company uses a perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Aug 31 Answer Cash Answer 204800 Answer Sales Revenue Answer 204800 To record sales Aug 31 Answer Cost of Goods Sold Answer Answer Finished Goods Answer To recognize COGS

Oceanic Company, a well-known manufacturer of high quality speed boats, provided the following information for the month of August 2019. Job # 6 Job # 7 Job # 8 Allocated Manufacturing Overhead $26,200 $24, 400 $28, 300 Direct Labor $24, 200 $21, 100 $20, 300 Direct Materials $19, 100 $23,200 $24,800 Total $69, 500 $68, 700 $73, 400 The August sales report showed that Job # 6 and #8 were sold for cash amounting to $103, 500 and $101, 300 respectively. Job # 7 is still unsold. Record the above sale. Assume that Oceanic Company uses a perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Aug 31 Answer Cash Answer 204800 Answer Sales Revenue Answer 204800 To record sales Aug 31 Answer Cost of Goods Sold Answer Answer Finished Goods Answer To recognize COGS

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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