Business, 11.06.2020 03:57 isabelvaldez123

Direct materials used$522,000 Direct labor used$130,000 Predetermined overhead rate (based on direct labor) 175% Goods transferred from bagging to finished goods$(595,000) The company's revenue for the month totaled $950,000 from credit sales, and its cost of goods sold for the month is $540,000. Prepare summary journal entries dated October 31 to record its October production activities for (1) direct materials usage, (2) direct labor incurred (3) overhead allocation, (4) goods transfer from production to finished goods, and (5) credit sales

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Direct materials used$522,000 Direct labor used$130,000 Predetermined overhead rate (based on direct...

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