Chapter 4, Problem 12PA

The following data summarize the operations during the year. Prepare a journal entry for each transaction.

1. Purchase of raw materials on account: $3000
2. Raw materials used by Job 1: $500
3. Raw materials used as indirect materials: $100
4. Direct labor for Job 1: $300
5. Indirect labor incurred: $50
6. Factory utilities incurred on account: $700
7. Adjusting entry for factory depreciation: $250
8. Manufacturing overhead applied as percent of direct labor: 200%
9. Job 1 is transferred to finished goods
10. Job 1 is sold: $3,000
11. Manufacturing overhead is over applied: $100