Journalize the Following Transactions for Malone Custom Furniture Manufacturing (Omit

question 137

Essay

Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations):
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.Wages will be paid at a later date.
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.The company uses the perpetual inventory system.
i.Adjusted for overallocated or underallocated overhead.

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Definitions:

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The ability to think in new and unconventional ways, enabling the generation of innovative ideas and solutions.

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A sudden and clear understanding or discovery of something, often solving a problem or the realization of how to approach a situation.

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Individuals holding significant managerial or executive positions in businesses, responsible for strategic decision-making and organizational direction.

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A creative group problem-solving technique that involves the spontaneous contribution of ideas from all members.