Given the following information for Graves Corporation, prepare the necessary journal entries, assuming that the Raw Material Inventory account contains both direct and indirect material.
a.$\quad $ Purchased raw material on account $ \$ 28,500 $.
b.$\quad $Put material into production: $ \$ 15,000 $ of direct material and $ \$ 3,000 $ of indirect material.
c.$\quad $Accrued payroll of $ \$ 90,000 $, of which 70 percent was direct and the remainder was indirect.
d.$\quad $Incurred and paid other overhead items of $ \$ 36,000 $.
e.$\quad $Transferred items costing $ \$ 86,500 $ to finished goods.
f.$\quad $Sold goods costing $ \$ 71,300 $ on account for $ \$ 124,700 $.

Question

Given the following information for Graves Corporation, prepare the necessary journal entries, assuming that the Raw Material Inventory account contains both direct and indirect material.
 a.$\quad $ Purchased raw material on account $ \$ 28,500 $.
b.$\quad $Put material into production: $ \$ 15,000 $ of direct material and $ \$ 3,000 $ of indirect material. 
c.$\quad $Accrued payroll of $ \$ 90,000 $, of which 70 percent was direct and the remainder was indirect. 
d.$\quad $Incurred and paid other overhead items of $ \$ 36,000 $. 
e.$\quad $Transferred items costing $ \$ 86,500 $ to finished goods. 
f.$\quad $Sold goods costing $ \$ 71,300 $ on account for $ \$ 124,700 $.

Quizplus · Accepted Answer

The Answer of Given the following information for Graves Corporation, prepare the necessary journal entries, assuming that the Raw Material Inventory account contains both direct and indirect material.
 a.$\quad $ Purchased raw material on account $ \$ 28,500 $.
b.$\quad $Put material into production: $ \$ 15,000 $ of direct material and $ \$ 3,000 $ of indirect material. 
c.$\quad $Accrued payroll of $ \$ 90,000 $, of which 70 percent was direct and the remainder was indirect. 
d.$\quad $Incurred and paid other overhead items of $ \$ 36,000 $. 
e.$\quad $Transferred items costing $ \$ 86,500 $ to finished goods. 
f.$\quad $Sold goods costing $ \$ 71,300 $ on account for $ \$ 124,700 $.

Given the Following Information for Graves Corporation, Prepare the Necessary \quad

Given the Following Information for Graves Corporation, Prepare the Necessary $\quad$