Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June.
June 1 Purchased raw materials for $20000 on account.
25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked.
28 Goods costing $18000 were completed in the factory and were transferred to finished goods.
30 Goods costing $15000 were sold for $20000 on account.

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The Answer of Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June.
June 1 Purchased raw materials for $20000 on account.
25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked.
28 Goods costing $18000 were completed in the factory and were transferred to finished goods.
30 Goods costing $15000 were sold for $20000 on account.

Finn Manufacturing Company Uses a Job Order Cost Accounting System