Firefox File Edit View History Bookmarks Tools Window Help ?G??100% E i-Wed 7:21

Question

Firefox File Edit View History Bookmarks Tools Window Help ?G??100% E i-Wed 7:21 PM Atika Ishtiaq a E Chegg Study 1 Guided Solution ¢e https://newconnect.mheducation.com/flow/connect.html ? | a Search Ch 03 Ex 3-25 6 Help Save & Exit Submit Sig Check my work Vlew transaction list Journal entry worksheet Record direct materials used in production Hint Note: Enter debits before credits Print Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal Prev 1 of 1 Next Hill

Explanation / Answer

1. To record use of direct material used in production Date Account Title Debit Credit Oct.31 Work-in-process 224000 Raw material 224000 2. To record use of direct labor in production Date Account Title Debit Credit Oct.31 Work-in-process 39000 Wages Payable 39000 3. To record overhead applied to production @140% of direct labor Date Account Title Debit Credit Oct.31 Work-in-process 54600 Wages Payable 54600 4.Transfer of goods from production to finished goods Date Account Title Debit Credit Oct.31 Finished goods 203500 Work-in-Process 203500 5. To record sale of goods on account Date Account Title Debit Credit Oct.31 Accounts Receivable 450000 Sales 450000 6. To record cost of goods sold Date Account Title Debit Credit Oct.31 Cost of goods sold 248000 Finished Goods 248000

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