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Prepare journal entries to record transactions a through h.
Raw materials purcha
Prepare journal entries to record transactions a through h.
Raw materials purchased on credit, $90,000.
Direct materials used, $36,500. Indirect materials used, $19,200.
Direct labor used, $38,000. Indirect labor used, $12,000. (Record using Factory Wages Payable.)
Paid cash for other actual overhead costs, $11,475.
Applied overhead at the rate of 125% of direct labor cost.
Transferred cost of jobs completed to finished goods, $56,800.
Sales of jobs on credit was $82,000.
Cost of jobs sold was $56,800
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