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

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Accounting

Prepare summary journal entries to record the followingtransactions for a company in its first month ofoperations.

  1. Raw materials purchased on account, $86,000.
  2. Direct materials used in production, $38,500. Indirectmaterials used in production, $23,000.
  3. Paid cash for factory payroll, $50,000. Of this total, $38,000is for direct labor and $12,000 is for indirect labor.
  4. Paid cash for other actual overhead costs, $7,375.
  5. Applied overhead at the rate of 125% of direct labor cost.
  6. Transferred cost of jobs completed to finished goods,$62,600.
  7. Sold jobs on account for $90,000 g(2). The jobs had a cost of$62,600 g(1).

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