ACC 1820 Project 2 (Ch 2 &3) Name Use \"given\" and your \'\"results\" for Quest

Question

ACC 1820 Project 2 (Ch 2 &3) Name Use "given" and your '"results" for Question 8 from HW 3 on CONNECT to complete the Project requirements below for Superior Company in comment section on CONNECT requirements are check figures that can be found 1) points) Write summary journal entries for Superior Company for the following transactions for the period as calculated/given in the problem on CONNECT a) Purchase of raw material. b) Transfer of Raw material to Work-in-Process c) Application of Direct Labor to Work-in-Process e) Transfer of Work-in-Process to Finished Goods f) Revenue for the sale of goods manufactured g) Cost of goods sold h) The incurrence of the actual overhead costs (use "various" to represent multiple accounts) i) Clear the Overhead account.

Explanation / Answer

2)

3 a to g)

1a) Raw Material Inventory A/c Dr 263000 To Cash/Accounts Payable 263000 (Being Raw Materials Purchased) b) Workin Progress A/c Dr 283000 To Raw Material Inventory A/c 283000 (Being Raw Materials Transferred to WIP) c) Workin Progress A/c Dr 70000 To Direct Labor A/c 70000 (Being direct labor applied to work in progress) d) Workin Progress A/c Dr 332000 To Manufacturing Overhead A/c 332000 (Being manufacturing overhead applied to work in progress) e) Finished Goods Inventory A/c Dr 713000 To Work in Progress A/c 713000 (Being good transferred from WIP to Finished Goods) f) Accounts Receivable/Cash A/c Dr 1097000 To Sales A/c 1097000 (Being revenue for sales recorded) g) Cost of Goods Sold A/c Dr 660000 To Finished Goods Inventory A/c 660000 (Being cost of goods sold recorded) h) Manufacturing Overhead A/c Dr 356000 To Various A/c 356000 (Actual manufacturing overhead recorded) i) Cost of Goods Sold A/c Dr 24000 To Manufacturing Overhead A/c 24000 (Being underapplied manufactirung overhead recorded)

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