Journal entry to record production activities

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Reference no: EM131770930

Question: Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is:

Direct materials used	$95,000
Direct labor used	168,000
Predetermined overhead rate (based on direct labor)	155%
Goods transferred to finished goods	440,000
Cost of goods sold	452,000
Credit sales	818,000

Debit Raw Materials Inventory $95,000; credit Accounts Payable $95,000.

Debit Raw Materials Inventory $95,000; credit Finished Goods Inventory $95,000.

Debit Cost of Goods Sold $95,000; credit Finished Goods Inventory $95,000.

Debit Work in Process Inventory $95,000; credit Raw Materials Inventory $95,000.

Debit Work in Process Inventory $95,000; credit Cost of Goods Sold $95,000.

Reference no: EM131770930

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