Prepare journal entries for the following data: Raw materials purchased on account $250,000 Raw materials...
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Accounting
Prepare journal entries for the following data: Raw materials purchased on account $250,000 Raw materials issued in production $200,000: $150,000 were direct and $50,000 were indirect. Direct labor costs incurred $45,000: Indirect labor costs incurred $30,000 Other manufacturing overhead costs incurred $12,000 on account payable The Company applies manufacturing overhead cost to production on the basis of $3 per machine hour. A total of 30,000 machine hours were recorded for the month. All selling and administrative costs incurred for the month totaled $55,000 Production orders costing $105,000 according to their job cost sheets were completed during the month and transferred to finished goods. Production orders that had cost $98,000 to complete according to their job cost sheets were sold and shipped to customers for sales of $102,000
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