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:

Confidence Interval

An interval of values sourced from sample observations, which is expected to include the unknown value of a population characteristic.

Population Proportion

The ratio of members in a group that satisfy a particular condition to the total number of members in the population.

Sample Size

The number of individuals or observations included in a sample, which is a subset of a population used for statistical analysis.

Successes

The number of times an event occurs in a series of trials or experiments.