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e https:/ ml Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n Problem 15-1A Part 2 a. Materials purchases (on credit) b. Direct materials used in production c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory f. Actual overhead costs incurred, including indirect materials (Factory rent and urilities are paid in cash) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306 i. Revenue from the sale of Job 306. . Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account (The amount is not material) 2. Prepare journal entries for the month of April to record the above transactions 0 Answer is not complete No Debit Raw materials inventory Accounts payable 500.000 455,000 Work in process inventory Raw materials inventory 455,000 Prev121 Next > e to search ;s

Explanation / Answer

Journal entries Transaction Accounts title and explanations Debit $ Credit $ a Raw material Inventory Dr. 500000    Accounts payable 500000 b. Work in process inventory Dr. 455000    Raw material inventory 455000 c. Work in process invevntory Dr. 340000      Factory wages 340000 d. Manufacturing overheads Dr. 23000      Factory wages 23000 e. Work in process inventory Dr. 170000    Manufacturing Overheads (340000*50%) 170000 f. Manufacturing Overheads Dr. 152000    Raw material inventory 50000     Cash account (32000+19000) 51000     Accumulated depreciation-Equipment 51000 g. Finished Goods inventory Dr. 828500 Work in process inventory (321500+507000) 828500 h. Cost of Goods sold Dr. 321500    Finished goods inventory 321500 i. Cash Account Dr. 635000      Sales revenue 635000 j. Cost of goods sold Dr. 5000     Manufacturing overheads 5000 Cost of Jobs: 306 307 308 Beginning Cost 59000 62000 Add: Current cost Material 135000 220000 100000 Labour 85000 150000 105000 OH (50% of DLC) 42500 75000 52500 Total COST 321500 507000 257500 Status Sold FG WIP Under/ Over-applied Overheads: Overheads Incurred (23000+152000) 175000 Overheads applied (340000*50%) 170000 Under applied overheads 5000

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