AccountingJuly 5Received material costing $6,000 from a supplier. The material was purchased on account.9Requisitioned $18,000 of material for use in the factory, consisting of $15,000 of direct material and $3,000 of indirect material.11Recorded the factory payroll: $40,500 of direct labor and $4,500 of indirect labor.17Incurred various overhead costs totaling $42,000. (Credit Accounts Payable.)20Applied $60,000 of manufacturing overhead to the products being manufactured.23Completed product costing $48,000 and moved it to the warehouse.Sold goods with a product cost of $9,000 on account for $15,000.26a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T-accounts set-up below, and balance the four accounts.General JournalDateDescriptionDebitCreditJuly 5 Materials inventory0 xAccounts payableJuly 9 Work in process inventory0 xManufacturing overheadMaterials inventoryJuly 11 Work in process inventoryManufacturing overhead0 xWages payableJuly 17 Manufacturing overhead0 x0 xAccounts payable0 xJuly 20 Work in process inventoryManufacturing overhead0 xJuly 23 Finished goods inventory0 xWork in process inventory + v0 xJuly 26 Cost of goods sold0 xFinished goods inventory •To record cost of goods sold.July 26 Accounts receivable0 xSalesTo record sale of product.For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column.Materials InventoryFinished Goods InventoryBal.21,0000 xBal.30,0000 xBal.0 xBal.Work in Process InventoryCost of Goods Sold75,00090,000Bal.Bal.0 x0 x0 xBal.0 xBal.0 x

The direct costs incurred and overhead costs are applied to the production by debiting costs to work…

Received material costing $6,000 from a supplier. The material was purchased on account. Requisitioned $18,000 of material for use in the factory, consisting of $15,000 of direct material and $3,000 of indirect material. July 5 11 Recorded the factory payroll: $40,500 of direct labor and $4,500 of indirect labor. 17 Incurred various overhead costs totaling $42,000. (Credit Accounts Payable.) 20 Applied $60,000 of manufacturing overhead to the products being manufactured. 23 Completed product costing $48,000 and moved it to the warehouse. 26 Sold goods with a product cost of $9,000 on account for $15,000.

Received material costing $6,000 from a supplier. The material was purchased on account. Requisitioned $18,000 of material for use in the factory, consisting of $15,000 of direct material and $3,000 of indirect material. July 5 11 Recorded the factory payroll: $40,500 of direct labor and $4,500 of indirect labor. 17 Incurred various overhead costs totaling $42,000. (Credit Accounts Payable.) 20 Applied $60,000 of manufacturing overhead to the products being manufactured. 23 Completed product costing $48,000 and moved it to the warehouse. 26 Sold goods with a product cost of $9,000 on account for $15,000.

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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