Business, 05.07.2021 19:20 sweetyus06
Laffer Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes production operations for October.
Bagging Department
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:
a. direct material usage
b. direct labor incurred
c. overhead allocation
d. goods transfer from production to finished goods
e. credit sales.
Answers: 3
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Laffer Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips...
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