The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,100 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $250 E. Indirect labor incurred. $40 F. Factory utilities incurred on account. $700 G. Adjusting entry for factory depreciation. $300 H. Manufacturing overhead applied as % of direct labor. 250% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,100 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $250 E. Indirect labor incurred. $40 F. Factory utilities incurred on account. $700 G. Adjusting entry for factory depreciation. $300 H. Manufacturing overhead applied as % of direct labor. 250% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following data summarize the operations during the year.
| A. Purchase of raw materials on account. | $3,100 |
| B. Raw materials used by Job 1. | $500 |
| C. Raw materials used as indirect materials. | $100 |
| D. Direct labor for Job 1. | $250 |
| E. Indirect labor incurred. | $40 |
| F. Factory utilities incurred on account. | $700 |
| G. |
$300 |
| H. Manufacturing |
250% |
| I. Job 1 is transferred to finished goods. | |
| J. Job 1 is sold. | $2,900 |
| K. Manufacturing overhead is overapplied. | $80 |
Prepare a
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