Answer:
WIP inventory 68,000 debit
Factory Overhead 8000 debit
Raw Materials Inventory 76,000 credit
WIP inventory 55.000 debit
Factory Overhead 12,400 debit
Factory Payroll payable 77,400 credit
WIP inventory 31,250 debit
Factory overhead 31,250 credit
Finished Goods Inventory 73,750 debit
WIP inventory 73,750 credit
Explanation:
<em><u>Direct Materials used:</u></em>
10,000 + 20,000 + 24,000 + 14,000 = 68,000
<em><u>Direct Labor used:</u></em>
8,000 + 17,000 + 18,000 + 12,000 = 55,000
<u>Overhead Applied:</u>
6,000 + 12,750 + 13,500 + 9,000 = 31,250
Overhead rate:
6,000 / 8,000 = 0.75
12,750 / 17,000 = 0.75
Finished goods:
24,000 + 49,750 = 73,750
