I need help with this.I think i have it most of the way but i know its not correct Please help Create the general journal entries, post to the T-Accounts, and recordall applicable entries to the job sheets.Crawford Corporation incurred the following transactions:1 Purchased raw materials on account for $86,3002 Raw materials of $76,000 were requisitioned to the factory.Product AProduct BIndirect44,00030,0002,0003 Factory labor costs were incurred and allocated as such:Product ADadet BProduct B30,00020,000Supervisors:9.9004 Manufacturing overhead costs occurred on account $40,5005 Manufacturing overhead costs paid with cash $31,0006 Manufacturing overhead was applied at the rate of 105% of direct materials7 Product B is finished and ready to be sold1 Raw Materials InventoryAccounts Payableacquired raw materials2 Work in Process InventoryRaw Materials Inventorydirect materials used2 Factory OverheadRaw Materials Inventoryrecord indirect materials used3 Work in Process InventoryFactory Wages Payabledirect labor used3 Factory OverheadFactory Wages Payablerecord indirect labor used4 Factory OverheadAccumulated Depreciationactual overhead costs6 Work in Process InventoryFactory Overhead86,3007 Finished Goods InventoryWork in Process Inventoryrecord completion of Job B74,000Accounts ReceivableSales Revenue2,00050,0005 Work in Process InventoryCashapply overhead at 105% of direct labor9,90040,50031,000apply overhead at 105% of direct labor52,50071,00071,00086,30074,0002,00050,0009,90040,50031,00052,50071,00071,000233127Raw Materials inventory86,30044,00012,300Finished Goods Inventory71,00071,000Product ADirect DirectMaterials Labor44,00030,00074,00030,000FactoryOverhead2331,500 331,500105,5002367Work-in-Process Inventory74,00050,00052,500Product BDirectMaterials30,00030,000105,500DirectLabor20,00020,00071,000FactoryOverhead21,00021,00071,000623456DirectMaterialsFactory Overhead2,0009,90040,50031,00030,900DirectLabor52,500FactoryOverhead176,500

Part1 : Recording of Journal Entries in the books of CrowFord Corporations.In the Books of Crow Ford…

Create the general journal entries, post to the T-Accounts, and record all applicable entries to the job sheets Crawford Corporation incurred the following transactions 1 Purchased raw materials on account for $86,300 2 Raw materials of $76,000 were requisitioned to the factory. Product A 44,000 30,000 2,000 Product B Indirect 3 Factory labor costs were incurred and allocated as such Product A Product B Supervisors 30,000 20,000 9.900 4 Manufacturing overhead costs occurred on account $40,500 5 Manufacturing overhead costs paid with cash $31,000 6 Manufacturing overhead was applied at the rate of 105% of direct materials 7 Product B is finished and ready to be sold

Create the general journal entries, post to the T-Accounts, and record all applicable entries to the job sheets Crawford Corporation incurred the following transactions 1 Purchased raw materials on account for $86,300 2 Raw materials of $76,000 were requisitioned to the factory. Product A 44,000 30,000 2,000 Product B Indirect 3 Factory labor costs were incurred and allocated as such Product A Product B Supervisors 30,000 20,000 9.900 4 Manufacturing overhead costs occurred on account $40,500 5 Manufacturing overhead costs paid with cash $31,000 6 Manufacturing overhead was applied at the rate of 105% of direct materials 7 Product B is finished and ready to be sold

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 3SEB: JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Rich Manufacturing Corporation had the following...

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