Author Question: Here is selected data for Jenquay Corporation:Cost of raw material purchased$87,000Cost of ... (Read 52 times)

Lisaclaire · **on:** Jan 4, 2020

Here is selected data for Jenquay Corporation:

Cost of raw material purchased	$87,000
Cost of requisitioned direct materials	46,000
Cost of requisitioned indirect materials	3,000
Direct labour	89,000
Manufacturing overhead incurred	102,000
Cost of goods completed	248,900
Cost of goods sold	163,000
Beginning raw materials inventory	19,000
Beginning work in process inventory	43,000
Beginning finished goods inventory	27,000
Manufacturing overhead allocation rate (based on direct labour)	150%

At Jenquay Corporation the journal entry to close manufacturing overhead would include a
◦ debit to work in process inventory for $31,500.
◦ credit to work in process inventory for $31,500.
◦ credit to cost of goods sold for $31,500.
◦ credit to manufacturing overhead for $31,500.

javimendoza7 · **Reply #1 on:** Jan 4, 2020

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