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Prepare summary journal entries to record transactions

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Question  - Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations.

a. Raw materials purchased on account, 886.000.

b. Direct materials used in production, $38,500. Indirect materials used in production, $23,000.

c. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor.

d. Paid cash for other actual overhead costs, $7,375.

e. Applied overhead at the rate of 125% of direct labor cost.

f. Transferred cost of jobs completed to finished goods, $62,600.

g. Sold jobs on account for $90,000. The jobs had a cost of $62,600.

Reference no: EM131570110

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