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:

Motor Development

The process of change in physical movement capabilities observed across the lifespan from infancy through adulthood.

Social Functioning

The ability of an individual to interact and perform in a social environment, encompassing both the performance of daily activities and the quality of relationships with others.

Intellectual Functioning

The capacity of an individual to act purposefully, think rationally, and deal effectively with the environment, often measured by intelligence quotient (IQ) tests.

Myelination

The process by which nerve fibers are coated with myelin, a fatty substance that speeds up the transmission of nerve signals.