Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to...
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Accounting
- Purchased $87,200 in materials on account.
- Issued $3,650 in supplies from the materials inventory to the production department.
- Issued $43,600 in direct materials to the production department.
- Paid for the materials purchased in transaction (1).
- Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll.
- Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable.
- Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs.
- Applied overhead on the basis of 140 percent of direct labor costs.
- Paid for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant totaling $41,300.
- Recognized depreciation of $26,300 on manufacturing property, plant, and equipment.
Required:
Prepare journal entries to record these transactions.
The balances that appeared in the accounts of Edwin Parts are shown as follows.
please help me solve the parts i got wrong
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