Journalize the Following Transactions for Malone Custom Furniture Manufacturing

question 6

Essay

Journalize the following transactions for Malone Custom Furniture Manufacturing:
a.Incurred and paid advertising expenses,$3,500.
b.Incurred manufacturing wages of $30,000,60% of which was direct labor and 40% of which was indirect labor.
c.Purchased raw materials on account,$27,000.
d.Used in production: direct materials,$12,000; indirect materials,$5,500
e.Recorded manufacturing overhead: depreciation on plant,$14,000; plant insurance (previously paid),$1,800; plant property tax,$4,500 (credit Property Tax Payable).
f.Allocated manufacturing overhead to jobs,150% of direct labor costs.
g.Completed production on jobs with costs of $55,000.
h.Sold inventory on account,$64,000; cost of goods sold,$35,000.
i.Adjusted for overallocated or underallocated overhead.

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Definitions:

Henry Stanley

A Welsh-American explorer best known for his expeditions in Africa, including his quest to find David Livingstone and his development of the Congo region.

African Colonies

Territories in Africa that were under the control of European powers from the late 19th century to the mid-20th century.

Apartheid

A policy or system of segregation or discrimination on grounds of race implemented by the National Party government of South Africa from 1948 to 1994.