Business, 25.02.2020 18:34 zmirandalove100

The following events occurred over the course of a year at Waterway Corp., which uses a job order costing system:

(1) Direct materials purchases totaled $454,000. Waterway Corp tracks its direct materials separately from its indirect materials. Purchases were made on account.
(2) $230,000 of indirect materials were used in production. Waterway uses a separate Supplies Inventory account for indirect materials.
(3) $413,000 of direct materials were used in production.
(4) The direct labor payroll was $969,979 (credit Wages Payable).
(5) Other manufacturing overhead costs incurred during the year totaled $557,000.
(6) Waterway applies overhead based on a predetermined overhead rate of $15 per machine hour. The company used 50,600 machine hours during the year.
(7) During the year, Waterway transferred goods costing $2,077,000 into the Finished Goods Inventory account.
(8) Waterway sold products with a manufacturing cost of $2,019,000 to customers during the year.

Prepare journal entries to record these events.

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