Zelda manufacturing organized in june and recorded the

Reference no: EM13567036

Zelda Manufacturing organized in June and recorded the following transactions during June, its first month of operations: 1. Purchased materials costing $800,000. 2. Used direct materials in production costing $485,000. 3. Applied direct labor costs of $500,000 to various jobs. 4. Applied manufacturing overhead at a rate of $10 per direct labor hour.5. Incurred actual manufacturing overhead costs of $245,000 . 6. Transferred completed jobs costing $745,000 to finished goods. 7. Sold completed jobs for $1,000,000 on account. The cost applied to the jobs sold totaled $615,000. 8. Closed the Manufacturing Overhead account directly to Cost of Goods Sold on June 30. a. Prepare a journal entry for each of the eight transactions listed above. b. Compute the balance of the Cost of Goods Sold account at June 30. Cost of goods sold $ c. Determine the company's inventory balances at the end of June.Materials inventory $ Work in process inventory $Finished goods inventory $?

Reference no: EM13567036

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