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9 Cards in this Set
- Front
- Back
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Purchased raw materials costing $2,500 on account.
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Raw Materials 2,500
Accounts Payable 2,500 |
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Requisitioned materials costing $1,500 for use in production.
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Work in Process 1,500
Raw Materials 1,500 |
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Recognized direct labor costing $1,530.
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Work in Process 1,530
Wages Payable 1,530 |
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Applied overhead to production at the rate of $4 per direct labor hour. A total of 85 direct labor hours were worked.
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Work in Process 340
Overhead Control 340 |
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Incurred actual overhead costs of $415.00
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Overhead Control 415
Lease Payable 200 Utilities Payable 50 Acc Depreciation 100 Wages Payable 65 |
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Completed a job and transferred it to Finished Goods.
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Finished Goods 2,320
Work in Process 2,320 |
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Sold the job at cost plus 50%.
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Cost of Goods Sold 2,320
Finished Goods 2,320 Accts Receivable 3,480 Sales Revenue 3,480 |
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Closed underapplied overhead to Cost of Goods Sold.
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Cost of Goods Sold 75
Overhead Control 75 |
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Closed overapplied overhead to Cost of Goods Sold.
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Overhead Control 75
Cost of Goods Sold 75 |
