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

Question

ACC 1820 Project 2 (Ch 2&3) Name Use "given" and your "'results" for Question 8 from HW 3 on CONNECT to completc the Project requirements below for Superior Company. Highlighted requirements are check figures that can be found in comment section on CONNECT 1) (9 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.

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Transaction Account Description Debit Credit a Raw material inventory $        263,000 Accounts Payable $        263,000 (To record purchase of raw material) b Work-in- Progress $        283,000 Raw material inventory $        283,000 (To Record issue of Raw Material) c Work-in- Progress $          70,000 Labour Expenses $          70,000 (To record the charge of labor to WIP) d Work-in- Progress $        332,000 Manufacturing Overhead $        332,000 (To Record Application of Overhead to WIP) e Finished Goods Inventory $        713,000 Work-in- Progress $        713,000 (To Records transfer to FG Inventory) f Accounts Receivable $    1,097,000 Sales Revenue $    1,097,000 (To Record Sales) g Cost of Goods Sold $        660,000 Finished Goods Inventory $        660,000 (To Record COGS) h Manufacturing Overhead $        356,000 Various Accounts Payable $        356,000 i Cost of Goods Sold $          24,000 Manufacturing Overhead $          24,000

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