FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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8 Record costs of jobs completed.
9 Record the sale of jobs on account.
10 Record the cost of goods sold for job.
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Transcribed Image Text:8 Record costs of jobs completed. 9 Record the sale of jobs on account. 10 Record the cost of goods sold for job.
Prepare Journal entries to record transactions a through
a. Raw materials purchased on credit, $110,000.
b. Direct materials used, 544,500. Indirect materials used, $20,000.
c. Direct labor used, $32,000. Indirect labor used, $8,000. (Rccord using Factory Wages Payablc.)
d. Pald cash for other actual overhead costs, $8,875.
e. Applied overhead at the rate of 125% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $72,000.
g. Sales of jobs on credit was $103,000.
h. Cost of jobs sold was $72,000.
1
2 Record the entry to assign costs of direct materials used.
3
Record the entry for indirect materials.
4
Record the entry for direct labor used.
5 Record the entry for indirect labor used.
Record other actual factory overhead costs.
Record the entry to apply overhead at a rate of 125% of
direct labor cost.
6
Record raw materials purchased on account.
7
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Transcribed Image Text:Prepare Journal entries to record transactions a through a. Raw materials purchased on credit, $110,000. b. Direct materials used, 544,500. Indirect materials used, $20,000. c. Direct labor used, $32,000. Indirect labor used, $8,000. (Rccord using Factory Wages Payablc.) d. Pald cash for other actual overhead costs, $8,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $72,000. g. Sales of jobs on credit was $103,000. h. Cost of jobs sold was $72,000. 1 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the entry for direct labor used. 5 Record the entry for indirect labor used. Record other actual factory overhead costs. Record the entry to apply overhead at a rate of 125% of direct labor cost. 6 Record raw materials purchased on account. 7
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