Finn Manufacturing Company uses a job order cost system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. Your entries should look like this: Debit Account X Credit Account Y June 1 8 15 25 25 25 28 30 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. Time tickets indicated the following: Direct labor Indirect labor (7,000 hrs. x $12 per hr.) (3,000 hrs. x $8 per hr.) = = $ 84,000 24,000 $108,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,000 were sold for $20,000 on account.

Finn Manufacturing Company uses a job order cost system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. Your entries should look like this: Debit Account X Credit Account Y June 1 8 15 25 25 25 28 30 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. Time tickets indicated the following: Direct labor Indirect labor (7,000 hrs. x $12 per hr.) (3,000 hrs. x $8 per hr.) = = $ 84,000 24,000 $108,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,000 were sold for $20,000 on account.

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Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 8P

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