FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:D. Work in Process Inventory
350
Factory Wages Payable
350 X
E. Manufacturing Overhead
60
Factory Labor Payable
60
F. Manufacturing Overhead
700
X
Accounts Payable
700 X
G. Manufacturing Overhead
200
Accumulated Depreciation
200
H. Work in Process Inventory
875
X
Manufacturing Overhead
875
X
I.
Finished Goods Inventory
1,725 X
Work in Process Inventory
1,725 X
J.
Cost of Goods Sold
3,100
X
Finished Goods Inventory
3,100
Accounts Receivable
3,100 | Х
Sales
3,100| Х
>
Transcribed Image Text:The following data summarize the operations during the year.
A. Purchase of raw materials on account.
$3,000
B. Raw materials used by Job 1.
$500
C. Raw materials used as indirect materials.
$100
D. Direct labor for Job 1.
$300
E. Indirect labor incurred.
$60
F. Factory utilities incurred on account.
$750
G. Adjusting entry for factory depreciation.
$200
H. Manufacturing overhead applied as % of direct labor.
200%
I. Job 1 is transferred to finished goods.
J. Job 1 is sold.
$2,900
K. Manufacturing overhead is overapplied.
$120
Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.
A. Raw Materials Inventory
3,000
Accounts Payable
3,000
B. Work in Process Inventory
500
Raw Materials Inventory
500
C. Manufacturing Overhead
100
Raw Materials Inventory
100
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