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Teaching Since: May 2017
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    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 20 Dec 2017 My Price 10.00

Recording a journal entry:

I have a question for accounting 212, I'm recording a journal entry:

It says: record a journal entry to assign direct materials to jobs. I have it recorded as goods in process inventory and raw materials inventory but I can't figure the amount to which debit and credit? I will attach the table with the information below this.

 

Inventories          
     Raw materials $ 36,000   $ 50,000  
     Goods in process   9,900     19,500  
     Finished goods   67,000     36,200  
  Activities and information for May          
     Raw materials purchases (paid with cash)       191,000  
     Factory payroll (paid with cash)       400,000  
     Factory overhead          
        Indirect materials       15,000  
        Indirect labor       79,000  
        Other overhead costs       99,500  
     Sales (received in cash)       1,230,000  
     Predetermined overhead rate based on direct labor cost       65 %

 

 

 

 

Answers

CourseLover
(12)
Status NEW Posted 20 Dec 2017 03:12 PM My Price 10.00

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