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I. Journalize the following transactions: Madison Co. purchased $112,000 of raw materials on account 2. Actual manufacturing overhead costs include: Repairs (a/p): $2,500 a Utilities: $875 h Depreciation on equipment: $1625 4 Rent (paid in advance): $2750 Insurance (prepaid policy): S1415 Indirect Material: $2,000 Factory Labor totaled $55,000, of which $3,000 is employer payroll taxes Madison Co. issued S55,310 of material to Process 1 4. $.Assigned $18,000 of factory labors costs, of which s10,000 was assigned to Process 1 and the remainder was indirect Manufacturing overhead costs are applied at 74% of material issued (round to nearest dollar) 6. 7 Balance in WIP-1 is transferred to Process -2 S15,450 of material is issued to Process 2 . Assigned factory labor totaling $22,000, of which $12,000 assigned to process 2 and remainder was indirect. was Manufacturing overhead costs are applied to Process 2 at a rate of 49.5% of material issued (to process 2) **Round 10. to nearest dollar** 11.Actual manufacturing overhead costs paid totaled S3,450; manufacturing overhead costs charged to accounts payable totaled $13,975 Balance of Process 2 is transferred to Process 3 S8,000 of material is issued into process 3 Assigned factory labor totaling $15,000, of which $5000 was assigned to process 3 and the remainder was indirect. 12 13. 14. 15. Manufacturing overhead costs are applied to Process 3 at a rate of 75.25% of materials issued (to process 3)

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