Pharoah Company purchases $56,000 of raw materials on account, and it incurs $67,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $26,880 of direct materials and $39,200 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. Credit 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 000 Credit DOO DOD
Pharoah Company purchases $56,000 of raw materials on account, and it incurs $67,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $26,880 of direct materials and $39,200 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. Credit 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 000 Credit DOO DOD
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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