Return to Blackboard Gradebook ORION Dewaloadable eTextbook ignment 1 inventorie

Question

Return to Blackboard Gradebook ORION Dewaloadable eTextbook ignment 1 inventories are Raw Materials $4,400, Work i Goods $32,000. During July, the followng transactions occurred. 1. Purchased $63,700 of raw materials on account. 2. Incurred $60,200 of factory labor. (Credit Wages Payable.) 3. Incurred $71,100 of manufacturing overhead: $41.700 was paid and the remainder is 4. Requisitioned materials for Cutting $15,900 and Assembly $9,600. 5. Used factory labor for Cutting $33,800 and Assembly $26,400. 6. Applied overhead at the rate of $20 per machine hour, Machine hours were Cutting 1.700 and 7. Transferred goods costing $69,080 from the Cutting Department to the 8. Transferred goods costing $135.500 from Assembly to Finished Goods 9. Sold goods costing $151.900 for $201,400 on account. Journalize the transactions. (Credit account titles are automatically inden ted when amount is entered. De not indent manually) Debit Credit 2. 3.

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Raw Material Inventory      63,700.00    Accounts Payable      63,700.00 (To record the purchase of Raw Meterial) 2 Wages Expense      60,200.00    Wages Payable      60,200.00 (To record the wages expense) 3 Manufaturing Overhead      71,100.00    Cash      41,700.00    Accounts Payable      29,400.00 (To record the manufacturing overhead) 4 WIP - Cutting      15,900.00 WIP - Assembly        9,600.00    Raw Material Inventory      25,500.00 (To record the issue of raw material) 5 WIP - Cutting      33,800.00 WIP - Assembly      26,400.00    Wages Expense      60,200.00 (To record the factory labor used) 6 WIP - Cutting      34,000.00 WIP - Assembly      35,000.00     Manufaturing Overhead      69,000.00 (To record the Manufacturing Overhead Applied) WIP - Cutting = 1,700 mach hrs X $20 = $34,000 WIP - Assembly = 1,750 mach hrs X $20 = $35,000 7 WIP - Assembly      69,080.00    WIP - Cutting      69,080.00 (To record the good transferred) 8 Finished Goods Inventory    135,500.00    WIP - Assembly    135,500.00 (To record the Finished Goods transferred) 9-a Accounts Receivable    201,400.00    Sales    201,400.00 (To record the goods sold on credit) 9-b Cost of Goods Sold    151,900.00    Finished Goods Inventory    151,900.00 (To record the cost of goods sold)

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