Reference no: EM132805577
The Milan Company uses a job order costing system. The following activities tookplace during the month of May:
a. Raw materials purchased, $65,000.
b. Raw materials (all direct) used in production, $45,000.
c. Salaries and wages cost incurred:
Direct labour cost, $35,000.
Indirect labour cost, $45,000.
Sales salaries $30,000.
d. Factory utility costs incurred, $13,000.
e. Depreciation on factory equipment, $45,000.
f. Advertising expense incurred, $85,000.
g. Manufacturing overhead is applied at the predetermined rate of 150% of direct labour cost.
h. Cost of Goods Manufactured for the month, $178,000.
i. Cost of Goods Sold for the month, $155,000.
Required:
Problem 1: Prepare journal entries to record the information given above. Key your entries by the letters (a) through (i).
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