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

question 72

Essay

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 $\$ 124,700$ .

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Definitions:

Sebaceous Gland

Small oil-producing glands in the skin that secrete sebum to lubricate and waterproof the skin and hair.

Hair Follicle

A dynamic organ found in mammalian skin, responsible for the production of hair through cycles of growth and rest.

Subcutaneous Tissue

The layer of tissue beneath the skin that contains fat and connective tissues.

Epidermis

The surface layer of the skin, responsible for water resistance and establishing skin coloration.