Required: Prepare the journal entries to record the above transactions. 1. Purchased raw materials on account 6. Completed products sold at 50% mark-up on cost P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs. of products, and sale finished goods. During the month of September 2015, the following The trigger points for recording of inventories are the purchase of materials, the completion transactions occurred: 2. Requisitioned 3 Direct labor costs incurred 4. Manufacturing overhead costs 5 Cost of goods manufactured raw materials to production 92,000 92,000 40,000 60,000 192,000
Required: Prepare the journal entries to record the above transactions. 1. Purchased raw materials on account 6. Completed products sold at 50% mark-up on cost P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs. of products, and sale finished goods. During the month of September 2015, the following The trigger points for recording of inventories are the purchase of materials, the completion transactions occurred: 2. Requisitioned 3 Direct labor costs incurred 4. Manufacturing overhead costs 5 Cost of goods manufactured raw materials to production 92,000 92,000 40,000 60,000 192,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required: Prepare the journal entries to record the above transactions.
6. Completed products sold at 50% mark-up on cost
1. Purchased raw materials on account
P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs.
of products, and sale finished goods. During the month of September 2015, the following
The trigger points for recording of inventories are the purchase of materials, the completion
transactions occurred:
raw materials to production
2. Requisitioned
2 Direct labor costs incurred
92,000
92,000
40,000
4. Manufacturing overhead costs
6 Cost of goods manufactured
60,000
192,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe21305c2-0fe8-4987-ab8b-1a900f0c641d%2F13f61df0-f84d-4cf8-8cd6-8f0f7ec2b11f%2Fd0mtqt9_processed.png&w=3840&q=75)
Transcribed Image Text:Required: Prepare the journal entries to record the above transactions.
6. Completed products sold at 50% mark-up on cost
1. Purchased raw materials on account
P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs.
of products, and sale finished goods. During the month of September 2015, the following
The trigger points for recording of inventories are the purchase of materials, the completion
transactions occurred:
raw materials to production
2. Requisitioned
2 Direct labor costs incurred
92,000
92,000
40,000
4. Manufacturing overhead costs
6 Cost of goods manufactured
60,000
192,000
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