Business, 13.06.2020 22:57 blakemccain1928

Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materials purchased on account, $108,000. Direct materials used in production, $44,000. Indirect materials used in production, $19,800. Paid cash for factory payroll, $70,000. Of this total, $46,000 is for direct labor and $24,000 is for indirect labor. Paid cash for other actual overhead costs, $8,750. Applied overhead at the rate of 120% of direct labor cost. Transferred cost of jobs completed to finished goods, $86,000. Sold jobs on account for $123,000. The jobs had a cost of $86,000.

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Prepare summary journal entries to record the following transactions for a company in its first mont...

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