The following data summarize the operations during the year.A. Purchase of raw materials on account.$3,000 B. Raw materials used by Job 1.$550 C. Raw materials used as indirect materials.$50 D. Direct labor for Job 1.$300 E. Indirect labor incurred.$60 F. Factory utilities incurred on account.$650 G. Adjusting entry for factory depreciation.$250 H. Manufacturing overhead applied as % of direct labor.200%I. Job 1 is transferred to finished goods. J. Job 1 is sold.$2,900 K. Manufacturing overhead is overapplied.$80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.A. Raw Materials InventoryRaw Materials Inventory Accounts PayableAccounts PayableB. Work in Process InventoryWork in Process Inventory Raw Materials InventoryRaw Materials InventoryC. Manufacturing OverheadManufacturing Overhead Raw Materials InventoryRaw Materials InventoryD. Work in Process InventoryWork in Process Inventory Factory Wages PayableFactory Wages PayableE. Manufacturing OverheadManufacturing Overhead Factory Labor PayableFactory Labor PayableF. Manufacturing OverheadManufacturing Overhead Accounts PayableAccounts PayableG. Manufacturing OverheadManufacturing Overhead Accumulated DepreciationAccumulated DepreciationH. Work in Process InventoryWork in Process Inventory Manufacturing OverheadManufacturing OverheadI. Finished Goods InventoryFinished Goods Inventory Work in Process InventoryWork in Process InventoryJ. Cost of Goods SoldCost of Goods Sold Finished Goods InventoryFinished Goods Inventoryblank Accounts ReceivableAccounts Receivable SalesSalesK. Manufacturing OverheadManufacturing Overhead Cost of Goods SoldCost of Goods Sold

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Answered: The following data summarize the…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 7P: Selected account balances and transactions of Titan Foundry Inc. follow: May Transactions: a....

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The following data summarize the operations during the year.

A. Purchase of raw materials on account.	$3,000
B. Raw materials used by Job 1.	$550
C. Raw materials used as indirect materials.	$50
D. Direct labor for Job 1.	$300
E. Indirect labor incurred.	$60
F. Factory utilities incurred on account.	$650
G. Adjusting entry for factory depreciation.	$250
H. Manufacturing overhead applied as % of direct labor.	200%
I. Job 1 is transferred to finished goods.
J. Job 1 is sold.	$2,900
K. Manufacturing overhead is overapplied.	$80

Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank.

A.	Raw Materials Inventory	Raw Materials Inventory
	Accounts Payable	Accounts Payable
B.	Work in Process Inventory	Work in Process Inventory
	Raw Materials Inventory	Raw Materials Inventory
C.	Manufacturing Overhead	Manufacturing Overhead
	Raw Materials Inventory	Raw Materials Inventory
D.	Work in Process Inventory	Work in Process Inventory
	Factory Wages Payable	Factory Wages Payable
E.	Manufacturing Overhead	Manufacturing Overhead
	Factory Labor Payable	Factory Labor Payable
F.	Manufacturing Overhead	Manufacturing Overhead
	Accounts Payable	Accounts Payable
G.	Manufacturing Overhead	Manufacturing Overhead
	Accumulated Depreciation	Accumulated Depreciation
H.	Work in Process Inventory	Work in Process Inventory
	Manufacturing Overhead	Manufacturing Overhead
I.	Finished Goods Inventory	Finished Goods Inventory
	Work in Process Inventory	Work in Process Inventory
J.	Cost of Goods Sold	Cost of Goods Sold
	Finished Goods Inventory	Finished Goods Inventory
blank	Accounts Receivable	Accounts Receivable
	Sales	Sales
K.	Manufacturing Overhead	Manufacturing Overhead
	Cost of Goods Sold	Cost of Goods Sold

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