es l bats. In addition to its work in process Inventories, the company maintains

Question

es l bats. In addition to its work in process Inventories, the company maintains Goods Inventory. $150,000; Sales, $O: Cost of Goods Sold, $0, Factory Payroll Payable, $0, and Factory Overhead, $O 1. Prepare journal entries to record the following July transactions and events c. Recorded factory payroll payable costs as direct labor, $207.250 and Indirect labor, $27000 d. Pald factory payroll cost of $234,250 with cash ignore taxes). e. Incurred costs of $84,000 pald in cash. at 50% of direct labor costs. 135 K Prey 3 of 3 li Next

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Raw Materials Inventory    135,000.00    Cash    135,000.00 (To record the inventory purchased) b. Work in Process Inventory      58,740.00 Factory Overhead      12,000.00    Raw Material Inventory      70,740.00 (To record the material issue for production) c. Work in Process Inventory    207,250.00 Factory Overhead      27,000.00    Factory Wages Payable    234,250.00 (To record the wages issue for production) d. Factory Wages Payable    234,250.00    Cash    234,250.00 (To record the wages paid) e. Factory Overhead      84,000.00    Cash      84,000.00 (To record the factory overhead paid) f. Work in Process Inventory    103,625.00    Factory Overhead    103,625.00 (To record the factory overhead applied) Factory Overhead Applied = $207,250 X 50% = $103,625 g. Finished Goods Inventory No details Attached    Work in Process Inventory (To record the finished goods produced) h. Cash / Accounts Receivable No details Attached    Sales (To record the sales) h. Cost of Goods Sold No details Attached     Finished Goods Inventory (To record the underapplied overhead)

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