Prepare the journal entry for (a) materials and (b) labor, based on the following: Raw materials issued: $850 for Job 609 $300 for general use in the factory Labor time tickets: $900 for Job 609 $325 for supervision

Prepare the journal entry for (a) materials and (b) labor, based on the following: Raw materials issued: $850 for Job 609 $300 for general use in the factory Labor time tickets: $900 for Job 609 $325 for supervision

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Prepare the journal entry for (a) materials and (b) labor, based on the following:

Raw materials issued:	$850	for Job 609
	$300	for general use in the factory

Labor time tickets:	$900	for Job 609
	$325	for supervision

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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