September 1, purchased raw materials ($120 million direct materials, $10 million indirect materials) for $130 million cash
September 2, moved all the raw material into production.
September 22 the company records applied overhead at the rate of 80% of direct material costs
September 29, paid cash for manufacturing labor services, $220 million ($200 million direct labor and $20 million indirect labor).
September 30, actual costs of other overhead items was calculated to be $76 million.
September 30, all the goods charged into production were completed and moved to Finished Goods Inventory Account.
September 30, 95% of the completed goods were sold for cash at a markup of 15 % of the cost before adjusting for over or under applied overhead costs.
i need only journal.
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