EXP, Inc Had the Following Activities During Its Most Recent Period

question 6

Essay

EXP, Inc. had the following activities during its most recent period of operations:
(a) Purchased raw materials on account for $140,000 (both direct and indirect materials are recorded in the Raw Materials Inventory account).
(b) Issued raw materials to production of $130,000 (80% direct and 20% indirect).
(c) Incurred factory labor costs of $250,000; allocated the factory labor costs to production (70% direct and 30% indirect).
(d) Incurred factory utilities costs of $20,000; this amount is still payable.
(e) Applied overhead at 80% of direct labor costs.
(f) Recorded factory depreciation, $22,000.
Prepare journal entries to record the above transactions.

---

Definitions:

Approving Nods

Gestures made by moving the head up and down to express approval, agreement, or acknowledgment without using words.

Open Up

To become more accessible or available emotionally or physically, creating an environment for sharing information or entering.

Deficit Need

A requirement essential for a person's psychological development and growth, which, if unmet, can lead to feelings of inferiority or weakness.

Self-Actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.