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Sterling Products Company uses a job- order costing system. The company incurred the following manufacturing costs...

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Accounting

Sterling Products Company uses a job- order costing system. Thecompany incurred the following manufacturing costs duringMarch:

a. Purchased materials on credit,$58,800.

b. Issued materials to production as follows: direct,$51,000;indirect,$111,300.

c. Incurred factory wages,$59,400.

d. Allocated factory wages to production as follows:direct,$45,000;indirect,$14,900.

e. incurred factory overhead costs on account,$2,500.

f. Recognized other factory overhead costs as follows:depreciation of equipment,$4,00; depreciation ofbuilding,$5,000;expired insurance,$600; accrued property taxes,$1,800.

g. Applied factory overhead to production,$32,500.

h. completed jobs costing $125,500.

i.    Sold finished goods costing $118,900 tovarious customer; billed customers for $161,704

( make two entries ).

Required:

Record these summary transactions in general journal form.

Answer & Explanation Solved by verified expert
4.4 Ratings (847 Votes)

General Journal Debit Credit
a. Raw materials inventory 58800
      Accounts payable 58800
b. Work in process inventory 51000
Factory overhead 111300
      Raw materials inventory 162300
c. Factory wages 59400
      Wages payable 59400
d. Work in process inventory 45000
Factory overhead 14900
      Factory wages 59900
e. Factory overhead 2500
      Accounts payable 2500
f. Factory overhead 7800
      Accumulated depreciation - equipment 400
      Accumulated depreciation - building 5000
      Prepaid Insurance 600
      Property taxes payable 1800
g. Work in process inventory 32500
       Factory overhead 32500
h. Finished goods inventory 125500
      Work in process inventory 125500
i. Accounts receivable 161704
        Sales 161704
Cost of goods sold 118900
       Finished goods inventory 118900

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