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Author Question: Morgan Enterprises uses a job costing system. Record the following transactions in Morgan ... (Read 50 times)

frankwu

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

a) Purchased raw materials on account, $60,000.
b) Requisitioned $35,600 of direct materials and $5,600 of indirect materials for use in production.
c) Factory payroll incurred, $72,000; 80% direct labour, 20% indirect labour.
d) Recorded depreciation expense factory equipment $9,600, and other manufacturing overhead
of $33,680 (credit accounts payable).
e) Allocated manufacturing overhead costs based on 120% of direct labour cost.
f) Cost of completed production for the current month, $113,600.
g) Cost of finished goods sold, $92,000; selling price, $140,000 (all sales on account).


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Marked as best answer by frankwu on Jan 4, 2020

missalyssa26

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frankwu

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Reply 2 on: Jan 4, 2020
Great answer, keep it coming :)


abro1885

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Reply 3 on: Yesterday
Excellent

 

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