Exercise 14-7 Your answer is partially correct. Try again. Oriole Corporation in

Question

Exercise 14-7 Your answer is partially correct. Try again. 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 450 8000 2. Direct materials 2. Indirect materials 3. Incurred factory labor 250 2500 7800 4. Direct labor 7800 4. Indirect labor 5. Overhead costs incurred 490 82050 6. Assigned overhead 91400 7. Completed goods 5300 8. Goods sold

Explanation / Answer

-82,050

(54700×150%)

$82,050

Raw materials inventory factory labour manufacturing overhead work in process inventory finished goods inventory cost of good sold 1. Purchased raw materials $54,500 2. Direct materials -$30,500 $30,500 2. Indirect materials -8000 $8,000 3. Incurred factory labour $62,500 4. Direct labour -54,700 $54,700 4. Indirect labour -7,800 $7,800 5. Overhead cost incurred $84,900 6. Assigned overhead

-82,050

(54700×150%)

$82,050

7. Completed goods -91,400 $91,400 8. Goods sold -75,300 $75,300

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