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ventories Raw materials Work in process Finished goods ctivities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $43,000 $ 52,000 10,200 21,300 63,000 35,600 210,000 345,000 15,000

ventories Raw materials Work in process Finished goods ctivities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $43,000 $ 52,000 10,200 21,300 63,000 35,600 210,000 345,000 15,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost rev: 06_09_2015_QC_CS-17114 April 30 May 31 $43,000 $ 52,000 21,300 35,600 10,200 63,000 210,000 345,000 15,000 80,000 120,000 1,400,000 70%
Transcribed Image Text:Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost rev: 06_09_2015_QC_CS-17114 April 30 May 31 $43,000 $ 52,000 21,300 35,600 10,200 63,000 210,000 345,000 15,000 80,000 120,000 1,400,000 70%
1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May.
Transcribed Image Text:1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May.
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