u5..al 42%. 4:23 PM The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job costing 1. Purchased $55,400 in materials on account. 2. Issued $3,200 in supplies from the materials 3. Paid for the materials purchased in transaction 4. Issued $27,200 in direct materials to the 5. Incurred wage costs of $59,000, which were inventory to the production department production department. debited to Payroll, a temporary account. Of this amount, $15,200 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $43,800 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. 6. Recognized $27,000 in fringe benefit costs incurred as a result of the wages paid in (5) . Analyzed the Payroll account and determined that 60 percent represented direct labor, 30 percent, indirect manufacturing labor; and 10 percent, administrative and marketing costs. 8. Paid for utilities, power, equipment maintenance, and other miscellaneous iterms for the manufacturing plant totaling $34,100 9. Applied overhead on the basis of 165 percent of direct labor costs. 10. Recognized depreciation of $18,950 on manufacturing property, plant, and equipment Required a. Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select\"No journal entry required\" in the first account field.)
1 Raw material inventory 55400 Accounts payable 55400 2 Manufacturing overheads 3200 Raw material inventory 3200 3 Accounts payable 55400 Cash 55400 4 Work in progress inventory 27200 Raw material inventory 27200 5 Payroll 59000 Payroll taxes payable 15200 Cash 43800 6 Payroll 27000 Payroll taxes payable 27000 7 Work in progress inventory 51600 Manufacturing overheads 25800 Selling and admine expense 8600 Payroll 86000 8 Manufacturing overheads 34100 Cash 34100 9 Work in progress inventory 85140 (51600*165%) Manufacturing overheads 85140 10 Manufacturing overheads 18950 Accumulated depreciation 18950 Raw material ending inventory 83125 (58125+55400-3200-27200)
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