\"Exercise 14-7 Oriole Corporation incurred the following transactions. 1. Purch

Question

"Exercise 14-7 Oriole Corporation incurred the following transactions. 1. Purchased raw materials on account $54,500 2. Raw Materials of $38,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,000 was classified as indirect materials. 3. Factory labor costs incurred were $62,500 4. Time tickets indicated that $54,700 was direct labor and $7,800 was indirect labor. 5. Manufacturing overhead costs incurred on account were $84,900 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $91,400 were completed and transferred to finished goods. 8. Finished goods costing $75,300 to manufacture were sold Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor Raw Materials Inventory Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold 1. Purchased raw materials 2. Direct materials 2. Indirect materials 3. Incurred factory labor 4. Direct labor 4. Indirect labor 5. Overhead costs incurred 6. Assigned overhead 7. Completed goods 8. Goods sold

Explanation / Answer

1. Raw material inventory 54500

Account payable 54500

2. WIP 30500

Manufacturing overhead 8000

Raw material inventory 38500

3. Factory payroll 62500

Wages payable 62500

4. WIP 54700

Manufacturing overhead 7800

Factory payroll 62500

5. Manufacturing cost 84900

Account payable 84900

6. WIP (54700 X 150%) 82050

Manufacturing overhead applied 82050

7. Finished goods 91400

WIP 91400

8. Cost of goods sold 75300

Finished goods 75300

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