The below transactions pertain to La Pharma Co. during the current year: 1. Purchase of Direct Materials on credit: $512,000 2,Usage of $275,000 Direct material and $62,000 indirect material 3. Direct labor incurred amounted to $ 28,000 and was paid in cash 4.Indirect labor incurred amounted to $5,000 on account 5.Manufacturing overhead costs incurred are: Plant insurance $11,000 (paid cash), Utilities $8,000 (paid cash). Manufacturing repairs $4,800 (on account), Depreciation on manufacturing machinery $15,000 6.Manufacturing overhead allocated amounted to $104,000 7.Completion and transfer of jobs to finished goods: $605,000 8. Sale of finished goods on account: cost of goods sold amount to $260,000 and sales amount to $392,000. The company uses a perpetual inventory system. 1) Journalize the above transactions. Number your entries.
The below transactions pertain to La Pharma Co. during the current year:
1. Purchase of Direct Materials on credit: $512,000
2,Usage of $275,000 Direct material and $62,000 indirect material
3. Direct labor incurred amounted to $ 28,000 and was paid in cash
4.Indirect labor incurred amounted to $5,000 on account
5.Manufacturing
Manufacturing repairs $4,800 (on account),
6.Manufacturing overhead allocated amounted to $104,000
7.Completion and transfer of jobs to finished goods: $605,000
8. Sale of finished goods on account: cost of goods sold amount to $260,000 and sales amount to $392,000. The
company uses a perpetual inventory system.
1) Journalize the above transactions. Number your entries.
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