Question

Part 1 of 3 3 points eBook Print ច References a. Purchased $100,300 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 48,500 Job 202 23,900 Total direct materials 72,400 Indirect materials 8,920 Total materials used $ 81,320 c. Time tickets show the following labor used for the month. Job 201 $ 39,500 Job 202 12,900 Total direct labor Indirect labor 52,400 24,500 Total labor used $ 76,900 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $164,660 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. $ 32,300 530 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance 830 3,300 Total other factory overhead costs $ 36,960

Answer 1

Step-by-step explanation:

To properly account for the transactions and events described, the following journal entries can be made:

a. Purchased $100,300 of raw materials on credit:

Raw Materials Inventory $100,300

Accounts Payable $100,300

b. Materials requisitions show the following materials used for the month:

Work in Process Inventory (Job 201) $48,500

Work in Process Inventory (Job 202) $23,900

Raw Materials Inventory $72,400

Factory Overhead Control $8,920

c. Time tickets show the following labor used for the month:

Work in Process Inventory (Job 201) $39,500

Work in Process Inventory (Job 202) $12,900

Factory Labor Control $52,400

Factory Overhead Control $24,500

d. Applied overhead to Job 201 and Job 202 using a predetermined overhead rate of 80% of direct materials cost:

Work in Process Inventory (Job 201) $57,920 (80% of $72,400)

Work in Process Inventory (Job 202) $19,120 (80% of $23,900)

Factory Overhead Control $77,040

e. Transferred Job 201 to Finished Goods Inventory:

Work in Process Inventory (Job 201) $X

Finished Goods Inventory $X

Note: The specific amounts for Job 201 and Finished Goods Inventory are not provided in the given information.

f. (1) Sold Job 201 for $164,660 on credit:

Accounts Receivable $164,660

Sales Revenue $164,660

(2) Record cost of goods sold for Job 201:

Cost of Goods Sold $X

Finished Goods Inventory $X

Note: The specific amounts for cost of goods sold and Finished Goods Inventory for Job 201 are not provided in the given information.

g. Incurred the following actual other overhead costs for the month:

Depreciation of factory equipment $32,300

Rent on factory building (payable) $530

Factory utilities (payable) $830

Expired factory insurance $3,300

Other Factory Overhead Control $36,960

Please note that without specific amounts for some of the transactions, the exact journal entries and corresponding figures cannot be determined accurately. The provided entries serve as a general guideline based on the information provided.