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Ocean, Inc. had the following activities during its most recent period of operations: ...

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Accounting

Ocean, Inc. had the following activities during its most recent period of operations:
(a) Purchased $275,000 of raw materials on credit.
(b) Issued $250,000 of raw materials into production (80% direct; 20% indirect).
(c) Incurred and paid factory labor costs of $400,000 cash (75% direct; 25% indirect).
(d) Incurred and paid factory utilities costs of $30,000.
(e) Recorded factory building depreciation of $50,000.
(f) Applied factory overhead at 80% of direct labor costs.
(g) Finished and transferred jobs totaling $525,000.
(h) Sold jobs that had a total cost of $380,000.
Required: Prepare journal entries to record the above transactions.

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