Check m Larned Corporation recorded the following transactio

Check m Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $78,000 in raw materials were used in production. Of this amount, $70,000 was for direct materials and the remainder was for indirect materials Total labor wages of $121,500 were paid in cash. Of this amount, $104,300 was for direct labor and the remainder was for indirect labor d. Depreciation of $192.000 was incurred on factory equipment Required Record the above transactions in journal entries. (If no entry is required for a transection/event, s the first account field.) View transaction list Journal entry worksheet 2 3 $80,000 in raw materials were purchased on account

Solution

DR CR Raw Material 80000 Account Payable 80000 Work in Progress 70000 Manufacturing overhead 8000 Raw Material 78000 Factory Payroll 121500 Cash 121500 Work in Progress 104300 Manufacturing overhead 17200 Factory Payroll 121500 Manufacturing overhead 192000 Accumulated Depreciation 192000