63) Renew Enterprises uses a job costing system

Question : 63) Renew Enterprises uses a job costing system : 2147180

63) Renew Enterprises uses a job costing system. Record the following transactions in Renew Enterprises' general journal for the current month:

a) Purchased raw materials on account, $82,000.

b) Requisitioned $41,300 of direct materials and $9,000 of indirect materials for use in production.

c) Factory payroll incurred, $110,000; 75% direct labor, 25% indirect labor.

d) Recorded depreciation expense factory equipment $15,000, and other manufacturing overhead of $56,200 (credit accounts payable).

e) Allocated manufacturing overhead costs based on 125% of direct labor cost.

f) Cost of completed production for the current month, $133,000.

g) Cost of finished goods sold, $112,000; selling price, $162,000 (all sales on account).

5 (1 Ratings )

Accounting 3 Months Ago 38 Views
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