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)

ekkarill92 answered 10 months ago

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