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Prepare summary journal entries to record the following transactions for a company in its first...

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Accounting

Prepare summary journal entries to record the following transactions for a company in its first month of operations.

  1. Raw materials purchased on account, $90,000.
  2. Direct materials used in production, $39,500. Indirect materials used in production, $18,000.
  3. Paid cash for factory payroll, $60,000. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.
  4. Paid cash for other actual overhead costs, $7,625.
  5. Applied overhead at the rate of 125% of direct labor cost.
  6. Transferred cost of jobs completed to finished goods, $65,000.
  7. Sold jobs on account for $92,800. The jobs had a cost of $65,000.

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