DONE! When you are finished with this exercise, change the status to "DONE!" Raw materials were purchased on account, $45,000. A total of $30,000 of raw materials were requisitioned into the factory. Of these, $24,000 was direct, $6,000 was indirect materials. Factory labor costs amounted to $62,000.Of this amount, $54,000 was direct labor and $8,000 was indirect labor. Actual factory overhead total was $26,000, consisting of $14,000 on account and $12,000 of depreciation on factory equipment. Factory overhead costs were applied, $37,000. Two jobs were completed: job 101 costing $12,000 and job 102 costing $5,000 Job 101 was sold to a customer on account for $14,000. We record the cost of goods sold on job 101. At the end of the year, the factory overhead had a debit balance of $3,000. This balance was closed.
