San Diego State University Operations And Supply Chain Management Assignment Help - Inventory

Question - Chapter 20

A selected list of accounts used by Cline Manufacturing Company follows:
Code Code
A Cash F Accounts Payable
B Accounts Receivable G Factory Labor
C Raw Materials Inventory H Manufacturing Overhead
D Work In Process Inventory I Cost of Goods Sold
E Finished Goods Inventory J Sales

Cline Manufacturing Company uses a job order system and maintains perpetual inventory records.

Instructions

Place the appropriate code letter in the columns indicating the appropriate account(s) to be debited
and credited for the transactions listed below.
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Account(s) Account(s)
Transactions Debited Credited
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1. Raw materials were purchased on acc ...Read More ount.
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2. Issued a check to Dixon Machine Shop for
repair work on factory equipment.
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3. Direct materials were requisitioned for Job 280.
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4. Factory labor was paid as incurred.
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5. Recognized direct labor and indirect labor used.
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6. The production department requisitioned indirect
materials for use in the factory.
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7. Overhead was applied to production based on a
predetermined overhead rate of $8 per labor hour.
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8. Goods that were completed were transferred to
finished goods.
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9. Goods costing $80,000 were sold for $105,000
on account.
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10. Paid for raw materials purchased previously
on account.
"""""""""""""""""""""""""""""""""""""""""" ...Read Less

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