Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Granger Products recorded the following transactions for the just completed month. The company had no beginning inventories.
a. $75,000 in raw materials were purchased for cash.
b. $73,000 in raw materials were requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.
d. Additional manufacturing overhead costs of $126,000 were incurred and paid.
e. Manufacturing overhead costs of $178,000 were applied to jobs using the company’s predetermined overhead rate.
f. All of the jobs in progress at the end of the month were completed and shipped to customers.
g. The under applied or over applied overhead for the period was closed out to Cost of Goods Sold.
Required:
A. Journalize the above transactions.
B. Determine the cost of goods sold for the period.

Sagot :

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.