Answer:
Journal Entries
<u>October 1</u>
Materials Dr $315,500
Accounts payable Cr $315,500
<u>October 2</u>
Work in process Dr $281,950
Factory overhead Dr $8,150
Materials Cr $290,100
<u>October 31</u>
Work in process Dr $455,300
Factory overhead Dr $34,200
Wages payable Cr $489,500
<u>October 31 </u>
Factory overhead Dr $600,000
Selling expense Dr $150,000
Administrative expense Dr $100,000
Accounts payable Cr $850,000
<u>October 31</u>
Factory overhead Dr $18,000
Selling expense Dr $6,000
Administrative expense Dr $5,000
Prepaid expense Cr $29,000
<u>October 31</u>
Depreciation expense - Office Building Dr $30,000
Depreciation expense - Office Equipment Dr $7,500
Factory overhead Dr $60,000
Accumulated depreciation- Buildings and equipment Cr $97,500
<u>October 31</u>
Work in process Dr $711,600
Factory overhead Cr $711,600
<u>October 31</u>
Finished goods $1,425,000
Work in process Cr $1,425,000
<u>October 31</u>
Cost of goods Dr $1,380,000
Finished goods Cr $1,380,000
