PB12.
LO 4.7The following data summarize the operations during the year. Prepare a journal entry for each transaction.
Purchase of raw materials on account: $1,500
Raw materials used by Job 1: $400
Raw materials used as indirect materials: $50
Direct labor for Job 1: $200
Indirect labor incurred for Job 1: $30
Factory utilities incurred on account: $500
Adjusting entry for factory depreciation: $200
Manufacturing overhead applied as percent of direct labor: 100%
Job 1 is transferred to finished goods
Job 1 is sold: $1,000
Manufacturing overhead is underapplied: $100
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