The Following Information Is Available for the Millennium Corporation for the Current

question 134

Essay

The following information is available for the Millennium Corporation for the current year:
$$\begin{array} { l r } \text { Cost of goods sold } & \$ 292,000 \\\text { Depreciation of factory equipment } & 25,200 \\\text { Direct labor } & 64,750 \\\text { Finished goods inventory, beginning of year } & 45,000 \\\text { Factory insurance } & 11,200 \\\text { Factory utilities } & 16,800 \\\text { Goods trarsiferred from Goods in Process } & \\\text { Inventory to Finished Goods Inventory } & 285,150 \\\text { Indirect labor } & 8,400 \\\text { Raw materials inventory, beginning of year } & 4,200 \\\text { Raw materials purchas } & 116,200 \\\text { Raw materials used in production } & \\\text { (includes } \$ 7,000 \text { of indirect materials) } & 121,800 \\\text { Rent on factory building } & 22,400\end{array}$$
Millennium Corporation uses a predetermined overhead rate of 150% of direct labor cost.Prepare journal entries for the following transactions/ and events:
(a)Purchase of raw materials on account.
(b)Assignment of materials costs to Goods in Process Inventory and Factory Overhead
(c)Payment of Factory Payroll in cash
(d)Assignment of Factory Payroll to Goods in Process Inventory and Factory Overhead
(e) Recording of other factory overhead.Assume that all items other than depreciation are paid in cash.
(f) Assignment of Factory Overhead to Goods in Process Inventory
(g) Transfer of goods completed to Finished Goods Inventory
(h) Recording cost of goods sold
(i) Assignment of over- or underapplied overhead to Cost of Goods Sold

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Definitions:

Insulin Receptor Gene

A gene that codes for the insulin receptor, playing a critical role in the regulation of blood glucose levels and metabolic processes, with mutations affecting diabetes susceptibility.

Mating Approach

The strategies or behaviors employed by individuals to attract and engage with potential mates, which can vary widely across species.

Polyphenisms

The occurrence of two or more distinct phenotypes within a population due to environmental influences, rather than genetic differences.

Environmental Conditions

The various physical and biological factors that affect the living conditions of organisms in an ecosystem, including climate, terrain, water supply, and availability of food and predators.