Prepare the necessary journal entries from the following information for Parrish Company,which uses a perpetual inventory system.
a. Purchased raw material on account $ \$ 61,200 . $
b.Requisitioned raw material for prochuction as follows: direct material-75 percent of purchases; indirect material-20 percent of purchases.
c. Direct labor wages of $ \$ 35,500 $ are accrued as are indirect labor wages of $ \$ 14,100 $.
d.Overhead incurred and paid for is $ \$ 68,100 $.
e.Overhead is applied to production based on 125 percent of direct labor cost.
f. Goods costing $ \$ 99,500 $ were completed during the period.
g. Goods costing $ \$ 53,400 $ were sold on account for $ \$ 81,200 $.

Question

Prepare the necessary journal entries from the following information for Parrish Company,which uses a perpetual inventory system.
 a. Purchased raw material on account $ \$ 61,200 . $
b.Requisitioned raw material for prochuction as follows: direct material-75 percent of purchases; indirect material-20 percent of purchases.
c. Direct labor wages of $ \$ 35,500 $ are accrued as are indirect labor wages of $ \$ 14,100 $.
d.Overhead incurred and paid for is $ \$ 68,100 $.
e.Overhead is applied to production based on 125 percent of direct labor cost.
f. Goods costing $ \$ 99,500 $ were completed during the period.
g. Goods costing $ \$ 53,400 $ were sold on account for $ \$ 81,200 $.

Quizplus · Accepted Answer

The Answer of Prepare the necessary journal entries from the following information for Parrish Company,which uses a perpetual inventory system.
 a. Purchased raw material on account $ \$ 61,200 . $
b.Requisitioned raw material for prochuction as follows: direct material-75 percent of purchases; indirect material-20 percent of purchases.
c. Direct labor wages of $ \$ 35,500 $ are accrued as are indirect labor wages of $ \$ 14,100 $.
d.Overhead incurred and paid for is $ \$ 68,100 $.
e.Overhead is applied to production based on 125 percent of direct labor cost.
f. Goods costing $ \$ 99,500 $ were completed during the period.
g. Goods costing $ \$ 53,400 $ were sold on account for $ \$ 81,200 $.

Prepare the Necessary Journal Entries from the Following Information for Parrish