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Prepare journal entries to record transactions a through h.a. Raw materials purchased on credit, $98,000.b. Direct materials used, $41,500. Indirect materials used, $18,800.c. Direct labor used, $33,000. Indirect labor used, $12,000. ( Record using Factory Wages Payable.)d. Paid cash for other actual overhead costs, $8,125.e. Applied overhead at the rate of 125% of direct labor cost.f. Transferred cost of jobs completed to finished goods, $63,000.g. Sales of jobs on credit was $90,000.h. Cost of jobs sold was $63,000.

Prepare journal entries to record transactions a through h.a. Raw materials purchased on credit, $98,000.b. Direct materials used, $41,500. Indirect materials used, $18,800.c. Direct labor used, $33,000. Indirect labor used, $12,000. ( Record using Factory Wages Payable.)d. Paid cash for other actual overhead costs, $8,125.e. Applied overhead at the rate of 125% of direct labor cost.f. Transferred cost of jobs completed to finished goods, $63,000.g. Sales of jobs on credit was $90,000.h. Cost of jobs sold was $63,000.

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 transactions a through h.a. Raw materials purchased on credit, $98,000.b. Direct materials used, $41,500. Indirect materials used, $18,800.c. Direct labor used, $33,000. Indirect labor used, $12,000. ( Record using Factory Wages Payable.)d. Paid cash for other actual overhead costs, $8,125.e. Applied overhead at the rate of 125% of direct labor cost.f. Transferred cost of jobs completed to finished goods, $63,000.g. Sales of jobs on credit was $90,000.h. Cost of jobs sold was $63,000.
Transcribed Image Text:Prepare journal entries to record transactions a through h.a. Raw materials purchased on credit, $98,000.b. Direct materials used, $41,500. Indirect materials used, $18,800.c. Direct labor used, $33,000. Indirect labor used, $12,000. ( Record using Factory Wages Payable.)d. Paid cash for other actual overhead costs, $8,125.e. Applied overhead at the rate of 125% of direct labor cost.f. Transferred cost of jobs completed to finished goods, $63,000.g. Sales of jobs on credit was $90,000.h. Cost of jobs sold was $63,000.
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