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Business, 13.10.2020 04:01 karsynraine9419

Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $90,000.
b. Direct materials used in production, $39,500.
c. Indirect materials used in production, $18,000. Paid cash for factory payroll, $60,000.
d. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.
e, Paid cash for other actual overhead costs, $7,625.
f. Applied overhead at the rate of 125% of direct labor cost.
g. Transferred cost of jobs completed to finished goods, $65,000.
h. Sold jobs on account for $92,800. The jobs had a cost of $65,000.

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