Answer:
1a. Dr Raw materials inventory $114,000
Cr Accounts payable $114,000
b(1) Dr Work in process inventory $45,500
Cr Raw materials inventory$45,500
b(2) Dr Factory overhead $20,400
Cr Raw materials inventory$20,400
c.Dr Work in process inventory 37,000
Dr Factory overhead 13,000
Cr Cash 50,000
d. Dr Factory overhead 9,125
Cr Cash 9,125
e. Dr Work in process inventory 45,500
Cr Factory overhead45,500
f. Dr Finished goods inventory $80,500
Cr Work in process inventory$80,500
g(1) Dr Cost of goods sold$80,500
Cr Finished goods inventory $80,500
g(2) Dr Accounts receivable $115,000
Cr Sales $115,000
Explanation:
Preparation of summary journal entries
1a. Dr Raw materials inventory $114,000
Cr Accounts payable $114,000
(Being to record raw materials purchased on account )
b(1) Dr Work in process inventory $45,500
Cr Raw materials inventory$45,500
(Being to Record the entry to assign costs of direct materials used)
b(2) Dr Factory overhead $20,400
Cr Raw materials inventory$20,400
(Being to record the entry for indirect materials)
c.Dr Work in process inventory 37,000
Dr Factory overhead 13,000
Cr Cash 50,000
(Being to Record the usage of direct and indirect labor, paid in cash)
d. Dr Factory overhead 9,125
Cr Cash 9,125
(Being to Record other actual overhead costs, paid in cash)
e. Dr Work in process inventory 45,500
Cr Factory overhead45,500
(Being to Record the entry to apply overhead)
f. Dr Finished goods inventory $80,500
Cr Work in process inventory$80,500
(Being to Record costs of jobs completed)
g(1) Dr Cost of goods sold$80,500
Cr Finished goods inventory $80,500
(Being to Record the cost of the jobs sold)
g(2) Dr Accounts receivable $115,000
Cr Sales $115,000
(Being to Record sales on account)
