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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Transcribed Image Text: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
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