This paper circulates around the core theme of The following transactions occurred in October together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Question
The following transactions occurred in October at Pawnee Workshops, a custom manufacturer of
furniture:
1. Purchased $24,500 of materials.
2. Issued $1,650 of supplies from the materials inventory.
3. Purchased $12,900 of materials.
4. Paid for the materials purchased in transaction (1).
5. Issued $15,300 in direct materials to the production department.
6. Incurred direct labor costs of $28,500, which were credited to Wages Payable.
7. Paid $22,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the
manufacturing plant.
8. Applied overhead on the basis of 120 percent of $28,500 direct labor costs.
9. Recognized depreciation on manufacturing property, plant, and equipment of $11,700.
The following balances appeared in the accounts of Pawnee Workshops for October:
Materials Inventory
Work-in-Process Inventory
Finished Goods Inventory
Cost of Goods Sold
Beginning Ending
$32,190
8,300
34,900 $29,490
55,230
Required:
(a) Prepare journal entries to record the transactions. (If no entry is required for a transaction/event,
select
