Buckovitch Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:?Raw materials purchased on account$482,000?Raw materials (all direct) requisitioned for use in production$478,000?Direct labor cost$576,000?Manufacturing overhead:?? Indirect labor cost$136,000 Other manufacturing overhead costs incurred$414,000?Cost of goods manufactured$1,565,000?Cost of goods sold (unadjusted)$1,513,000Required:a. What is the journal entry to record raw materials used in production?b. What is the journal entry to record the direct and indirect labor costs incurred during the year?c. What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods?d. What is
the journal entry to record the unadjusted cost of goods sold?
What will be an ideal response?
a. The journal entry to record the raw materials used in production is:
| ? | Work in Process | 478,000 | ? |
| ? | Raw Materials | ? | 478,000 |
b. The journal entry to record the direct and indirect labor costs is:
| ? | Work in Process | 576,000 | ? |
| ? | Manufacturing Overhead | 136,000 | ? |
| ? | Wages Payable or Cash | ? | 712,000 |
c. The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:
| ? | Finished Goods | 1,565,000 | ? |
| ? | Work in Process | ? | 1,565,000 |
d. The journal entry to record the unadjusted Cost of Goods Sold is:
| ? | Cost of Goods Sold | 1,513,000 | ? |
| ? | Finished Goods | ? | 1,513,000 |
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