were PROBLEMS selected from their chart of accounts: Code Account Name Cash Accounts receivable Raw materials inventory Work in process inventory E Finished goods inventory F Accounts payable G Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on faciory equipment 1 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.
were PROBLEMS selected from their chart of accounts: Code Account Name Cash Accounts receivable Raw materials inventory Work in process inventory E Finished goods inventory F Accounts payable G Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on faciory equipment 1 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each...
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Lowell Company maintains perpetual inventory records. The following accounts were selected from their chart of accounts:
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