beijerg - WIP Dr.48000 FOH control Dr.5900 Payroll Cr.53900...

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Dr.-debit Cr.-credit WIP = Work in Process control account FOH = Factory overhead/Manufacturing overhead 1. Purchased raw materials on account $46,300 Material control Dr.46300 Accounts Payable Cr.46300 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicates that $6,800 was classified as indirect materials. WIP Dr.29200 FOH control Dr.6800 Material control Cr.36000 3. Factory labor costs incurred were $53,900, of which $49,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable. Payroll Dr.53900 Wages Payable Cr49000 Employer taxes payable Cr.4900 4. Time tickets indicated that $48,000 was direct labor and $5,900 was indirect labor.
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Unformatted text preview: WIP Dr.48000 FOH control Dr.5900 Payroll Cr.53900 5. Overhead costs incurred on account were $80,500. FOH control Dr.80500 Accounts Payable Cr.80500 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. WIP Dr.72000 FOH control Cr.72000 7. Goods costing $88,000 were completed and transferred to finished goods. Finished Goods Dr. 88000 WIP Cr.88000 8. Finished goods costing $75,000 to manufacture were sold on account for $103,000. Cost of goods sold Dr.75000 Finished Goods Cr.75000 Account Receivable Dr.103000 Sales Cr.103000...
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beijerg - WIP Dr.48000 FOH control Dr.5900 Payroll Cr.53900...

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