Lamned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110.000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Lamned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110.000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
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