Question

In: Accounting

Sunland Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials...

Sunland Corporation incurred the following transactions.

1. Purchased raw materials on account $53,000.
2. Raw Materials of $41,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,700 was classified as indirect materials.
3. Factory labor costs incurred were $60,500, of which $50,600 pertained to factory wages payable and $9,900 pertained to employer payroll taxes payable.
4. Time tickets indicated that $54,800 was direct labor and $5,700 was indirect labor.
5. Manufacturing overhead costs incurred on account were $84,800.
6. Depreciation on the company’s office building was $9,000.
7. Manufacturing overhead was applied at the rate of 160% of direct labor cost.
8. Goods costing $94,200 were completed and transferred to finished goods.
9. Finished goods costing $78,200 to manufacture were sold on account for $109,000.


Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(To record the sale)
(To record the cost of the sale)

Solutions

Expert Solution

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(1)

Raw material 53000
Account payable 53000

(2)

Work in process 33100
Manufacturing overhead 8700
Raw material 41800

(3)

Factory labor 60500
Factory wages payable 50600
Factory payroll taxes payable 9900

(4)

Work in process 54800
Manufacturing overhead 5700
Factory labor 60500

(5)

Manufacturing overhead 84800
Account payable 84800

(6)

Manufacturing overhead 9000
Accumulated depreciation-office building 9000

(7)

Work in process (54800*1.6) 87680
Manufacturing overhead 87680

(8)

Finished goods 94200
Work in process 94200

(9)

Account receivable 109000
Sales revenue 109000
(To record the sale)
Cost of goods sold 78200
Finished goods 78200
(To record the cost of the sale)

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