Author Question: Here is some basic data for Wharton Company:Cost of materials purchases on account$75,000Cost of ... (Read 73 times)

penguins · **on:** Jan 4, 2020

Here is some basic data for Wharton Company:

Cost of materials purchases on account	$75,000
Cost of materials requisitioned (includes $2,000 of indirect)	43,000
Direct labour costs incurred	75,000
Manufacturing overhead costs incurred, including indirect materials	95,000
Cost of goods completed	226,750
Cost of goods sold	138,000
Beginning raw materials inventory	15,000
Beginning work in process inventory	32,000
Beginning finished goods inventory	31,000
Predetermined manufacturing overhead rate (as % of direct labour cost)	125%

For Wharton Company the journal entry to record the cost of direct materials placed into production involves a
◦ debit to overhead for $41,000.
◦ debit to work in process inventory for $43,000.
◦ credit to manufacturing overhead for $2,000.
◦ debit to work in process inventory for $41,000.

blakeserpa · **Reply #1 on:** Jan 4, 2020

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