Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $96,000. b. Direct materials used, $41,000. Indirect materials used. $18,600. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,000. g. Sales of jobs on credit was $85,000. h. Cost of jobs sold was $60,000. View transaction list Journal entry worksheet < 1 2 3 4 5 Record raw materials purchased on account. 6 7 00 S 10

Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $96,000. b. Direct materials used, $41,000. Indirect materials used. $18,600. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,000. g. Sales of jobs on credit was $85,000. h. Cost of jobs sold was $60,000. View transaction list Journal entry worksheet < 1 2 3 4 5 Record raw materials purchased on account. 6 7 00 S 10

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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