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Nona Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June.
June
1
Purchased raw materials for $22,000 on account.
8
Raw materials requisitioned by production:
Direct materials
$8,500
Indirect materials
1,500
15
Paid factory utilities, $2,400 and repairs for factory equipment, $7,500.
25
Incurred $98,000 of factory labor.
Time tickets indicated the following:
Direct Labor
(6,000 hrs. @ $13 per hr.)
=
$78,000
Indirect Labor
(2,500 hrs. @ $8 per hr.)
20,000
$98,000
Applied manufacturing overhead to production based on a predetermined overhead rate of $8 per direct labor hour worked
28
Goods costing $20,000 were completed in the factory and were transferred to finished goods.
30
Goods costing $16,000 were sold for $23,000 on account.
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