Q9. Journal Entries
Prepare Journal entries to record transactions a through h.
a. Raw materials purchased on credit, $86,000.
b. Direct materials used, $38,500. Indirect materials used, $23,000.
c. Direct labor used, $38,000. Indirect labor used, $12,000. (Record using Factory Wages Payable).
d. Paid cash for other actual overhead costs, $7,375.
e. Applied overhead at the rate of 125% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $62,600.
g. Sales of jobs on credit was $90,000.
h. Cost of jobs sold was $62,600.
Please help me with the above journal entries. Thank yoou!