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Alex73 [517]
3 years ago
15

Larned Corporation recorded the following transactions for the just completed month. $80,000 in raw materials were purchased on

account. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $175,000 were incurred.Prepare journal entries for above transactions.
Business
1 answer:
sesenic [268]3 years ago
5 0

Answer and Explanation:

The Journal entry is shown below:-

a. Raw material Dr, $80,000

                To Account payable $80,000

(Being purchase of raw material is recorded)

Here we debited the raw material as it increased the assets and we credited the accounts payable as  it also increased the liabilities

b. Work in process Dr, $62,000

   Manufacturing overhead Dr $9000

           To Raw material $71,000

(Being raw material used is recorded)

Here we debited the work in progress ,  the manufacturing overhead as it increased the assets and expenses and credited the raw material as  it decreased the assets

c. Work in process Dr, $101,000

   Manufacturing overhead Dr, $11,000

                       To Cash $112,000

(Being paid to labor is recorded)

Here we debited the work in progress ,  the manufacturing overhead as it increased the assets and expenses and credited the cash as  it decreased the assets

d. Manufacturing overhead Dr, $175,000

          To Accumulated depreciation-Equipment $175,000

(Being manufacturing overhead is recorded)

Here we debited the manufacturing overhead as it increased the expenses and we credited the accumulated depreciation of depreciation as it reduced the assets

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Forest Components makes aircraft parts. The following transactions occurred in July.
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Answer and Explanation:

Answer and explanation attached

Beginning raw materials = ending raw materials +raw materials for production+issued raw materials- raw materials purchased -raw materials returned from production= $79800

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Beginning work in progress inventory=

Ending work in progress + cost of goods manufactured + materials returned - manufacturing overhead applied- issued raw materials-direct labour wages =$105490

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