Author Question: Morgan Enterprises uses a job costing system. Record the following transactions in Morgan ... (Read 105 times)

frankwu · **on:** Jan 4, 2020

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).

missalyssa26 · **Reply #1 on:** Jan 4, 2020

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