Business, 16.10.2020 06:01 bullockarwen

Fort Corporation had the following transactions during its first month of operations 1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 were requisitioned to the factory.
3. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payrol
4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor.
5. Overhead costs incurred on account were $198,000
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem.

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Answer from: tommyaberman

DR Raw materials inventory $85,000

CR Accounts payable $85,000

DR Work in process Inventory $24,000

Manufacturing overhead $6,000

CR Raw materials inventory $30,000

Working

Work in Process = 30,000 - 6,000 = 24,000

DR Factory Labor $175,000

CR Factory wages payable $145,000

Payroll taxes payable $30,000

DR Work in process Inventory $145,000

Manufacturing overhead $30,000

CR Factory Labor $175,000

DR Manufacturing overhead $198,000

CR Accounts payable $198,000

DR Work in process Inventory $217,500

CR Manufacturing overhead $217,500

Working

Work in Process Inventory = 145,000*150% = $217,500

DR Finished goods Inventory $271,500

CR Work in process Inventory $271,500

Working

Finished goods = 24,000 + 145,000 + 217,500 - 115,000 = $271,500

DR Cost of goods sold $100,000

CR Finished goods Inventory $100,000

DR Account receivables $130,000

CR Sales $130,000

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