Josie Inc Has Provided the Following Information for 20x5

question 66

Essay

Josie Inc. has provided the following information for 20x5:
a. Purchased raw materials on account for $120,000.
b. Issued $115,000 in raw materials to production ($22,000 were not traceable to specific jobs).
c. Incurred $115,000 in direct labor costs (14,375 hours) and $62,500 in supervision costs (paid in cash).
d. Incurred the following additional manufacturing overhead costs: factory lease $24,000 (paid in cash); depreciation on equipment $20,000; custodial supplies $7,500 (paid in cash).
e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $75,000; sales commissions $88,000.
f. Applied manufacturing overhead to jobs in process at a rate of $10 per direct labor hour.
g. Completed jobs costing a total of $345,000.
h. Sold jobs for $425,000 on account. The cost of the jobs was $342,000.
i. Closed the Manufacturing Overhead account balance.
Prepare the journal entries to record these transactions.

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Definitions:

Linear Perspective

A depth cue in art and visual perception where parallel lines appear to converge as they recede into the distance, helping the observer to perceive depth.

Binocular Cues

Depth cues, such as retinal disparity, that depend on the use of both eyes and are crucial in perceiving depth.

Pheromones

Chemical substances released by animals and humans that influence the behavior or physiology of others of the same species, often in the context of social communication or mating.

Autokinetic Illusion

A visual illusion in which a stationary point of light appears to move in the dark.