Wildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting recordsshow that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the FinishingDepartment used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs.Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Creditaccount titles are automatically indented when amount is entered. Do not indent manually.)Date Account TitlesMar. 31Work in Process - AssemblyWork in Process - FinishingRaw Materials InventoryDebit29280317206100Credit61000

Name: Wildhorse Company purchases $61,000 of raw materials on account, and
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Description: Wildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting recordsshow that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the Finishin

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

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Wildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. 1 Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 31 Account Titles Work in Process -Assembly Work in Process - Finishing Raw Materials Inventory Debit 29280 31720 6100 Credit 61000

Wildhorse Company purchases $61,000 of raw materials on account, and it incurs $73,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $29,280 of direct materials and $42,700 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. 1 Journalize the assignment of overhead to the Assembly and Finishing Departments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 31 Account Titles Work in Process -Assembly Work in Process - Finishing Raw Materials Inventory Debit 29280 31720 6100 Credit 61000

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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