## Answers

1)

Transaction | General Journal | Debit | Credit |

a. | Raw materials | $211000 | |

Accounts payable | $211000 | ||

(To record raw materials purchased on account) | |||

b. | Work in process | $153600 | |

Manufacturing overhead | $38400 | ||

Raw materials | $192000 | ||

(To record raw materials used in production) | |||

c. | Work in process | $49000 | |

Manufacturing overhead | $21000 | ||

Salaries and wages payable | $70000 | ||

(To record labor cost accrued) | |||

d. | Manufacturing overhead | $106000 | |

Accumulated depreciation- Factory equipment | $106000 | ||

(To record depreciation on factory equipment) | |||

e. | Manufacturing overhead | $130000 | |

Accounts payable | $130000 | ||

(To record other manufacturing overhead costs accrued) | |||

f. | Work in process (7*$76400) | $534800 | |

Manufacturing overhead | $534800 | ||

(To record manufacturing overhead applied) | |||

g. | Finished goods | $511000 | |

Work in process | $511000 | ||

(To record work in process transferred to finished goods) | |||

h (1) | Accounts receivable ($450000*136%) | $612000 | |

Sales revenue | $612000 | ||

(To record sales on account) | |||

h (2) | Cost of goods sold | $450000 | |

Finished goods | $450000 | ||

(To record cost of goods sold) |

2)

Manufacturing Overhead | Work in Process | |||||||

b. | $38400 | 534800 | f. | Beg. Bal. | $35000 | |||

c. | 21000 | b. | 153600 | 511000 | g. | |||

d. | 106000 | c. | 49000 | |||||

e. | 130000 | f. | 534800 | |||||

End. Bal. | 239400 | |||||||

End. Bal. | $261400 |

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