Prepare journal entries to record the following production activities for Oaks Manufacturing.a. Incurred overhead costs of $79,000 (paid in cash).b. Applied overhead at 110% of direct labor costs which are $93,900.c. Transferred completed products with a cost of $258,200 to finished goods inventory.d. Sold $602,000 of product on credit. Cost is $271,000.
What will be an ideal response?
| a. | Factory Overhead | 79,000 | ? |
| ? | Cash | ? | 79,000 |
| ? | ? | ? | ? |
| b. | Work in Process Inventory | 103,290 | ? |
| ? | Factory Overhead | ? | 103,290 |
| ? | ? | ? | ? |
| c. | Finished Goods Inventory | 258,200 | ? |
| ? | Work in Process Inventory | ? | 258,200 |
| ? | ? | ? | ? |
| d. | Accounts Receivable | 602,000 | ? |
| ? | Sales | ? | 602,000 |
| ? | ? | ? | ? |
| ? | Cost of Goods Sold | 271,000 | ? |
| ? | Finished Goods Inventory | ? | 271,000 |
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