Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare Journal entries to record transactions a through n. a. Raw materials purchased on credi, $110.000 b. Direct materials used, 544,500 Indirect materials used $20,000. c. Direct laborused, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Pald cash for other actual overhead costs, $8,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $/2,000. g. Sales of jobs on credit was $103,000. h. Cost of jobs said was $72,000. 1 Record raw materials purchased on account. 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the entry for direct labor used. 5 Record the entry for indirect labor used. 6 Record other actual factory overhead costs. 7 Record the entry to apply overhead at a rate of 125% of direct labor cost.

Prepare Journal entries to record transactions a through n. a. Raw materials purchased on credi, $110.000 b. Direct materials used, 544,500 Indirect materials used $20,000. c. Direct laborused, $32,000. Indirect labor used, $8,000. (Record using Factory Wages Payable.) d. Pald cash for other actual overhead costs, $8,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $/2,000. g. Sales of jobs on credit was $103,000. h. Cost of jobs said was $72,000. 1 Record raw materials purchased on account. 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the entry for direct labor used. 5 Record the entry for indirect labor used. 6 Record other actual factory overhead costs. 7 Record the entry to apply overhead at a rate of 125% of direct labor cost.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please dont provide solution image based thnx

8 Record costs of jobs completed. 9 Record the sale of jobs on account. 10 Record the cost of goods sold for job.
Transcribed Image Text:8 Record costs of jobs completed. 9 Record the sale of jobs on account. 10 Record the cost of goods sold for job.
Prepare Journal entries to record transactions a through a. Raw materials purchased on credit, $110,000. b. Direct materials used, 544,500. Indirect materials used, $20,000. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Rccord using Factory Wages Payablc.) d. Pald cash for other actual overhead costs, $8,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $72,000. g. Sales of jobs on credit was $103,000. h. Cost of jobs sold was $72,000. 1 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the entry for direct labor used. 5 Record the entry for indirect labor used. Record other actual factory overhead costs. Record the entry to apply overhead at a rate of 125% of direct labor cost. 6 Record raw materials purchased on account. 7
Transcribed Image Text:Prepare Journal entries to record transactions a through a. Raw materials purchased on credit, $110,000. b. Direct materials used, 544,500. Indirect materials used, $20,000. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Rccord using Factory Wages Payablc.) d. Pald cash for other actual overhead costs, $8,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $72,000. g. Sales of jobs on credit was $103,000. h. Cost of jobs sold was $72,000. 1 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the entry for direct labor used. 5 Record the entry for indirect labor used. Record other actual factory overhead costs. Record the entry to apply overhead at a rate of 125% of direct labor cost. 6 Record raw materials purchased on account. 7
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS