Name Acct Name 1 Cash 11 Accounts recelvable 12 Raw material

Name Acct Name 1 Cash 11 Accounts recelvable 12 Raw materials inventory 13 Work in process inventory 4 Finished goods inventery ales actory wages payable Cost of goods sold Wages expense expense 15 ulsted depreciation 00 Factory labor 51 Accounts payable 101 Manufacturing overhead Indicate the journal entries required to recored the following data/events, Your answers must be provided in the following format Assume a customer paid $700 cash for the purchase of an item fiom your store. The answer should bessd JEW1. Debit 10, Credst 11. A 1 Purchased raw materials on account, $96,000 2 Incumed factory labor. $85,000 3. Charged direct labor to job X55 S78 000 Charged Indirect labor to manufactring overhead, s 17 000. 4 Charged direct materials to job X55, $82,000 Indrect material for general plant use 54 50t0 5 Incurred actual manufacturing overhead on account $38.000 7 Recognized depreciation on factory equipment. $11,000 8 Charged overhead to job X55 at 80% of direct labor cost 9 Recorded completion of job X55 10a Recorded cost of sales for job X55 (Perpetual system) Hint Determine total cost ofJ08 X55 ( DM·OL . Applied Manuf Ohead) 10b. Recorded revenue from sale of job X55 on account $330,000 11 Assume total actual overhead was $70,500 and total apples overhend was $62,400 for the yoar Record the entry to close the manufacturing overhead account

Solution

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. 1 Debit 12 Credit 51 $96000 2 Debit 81 Credit 52 $95000 3 Debit 13 Credit 81 $78000 Debit 101 Credit 81 $17000 4 Debit 13 Credit 12 $82000 Debit 101 Credit 12 $4500 5 Debit 101 Credit 51 $38000 7 Debit 82 Credit 15 $11000 8 Debit 13 Credit 101 $62400 78000*80% 9 Debit 14 Credit 13 $243900 10a Debit 80 Credit 14 $243900 10b Debit 11 Credit 71 $330000 11 Debit 80 Credit 101 $8100 Actual 70500-Applied 62400