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Question: Zelda Manufacturing organized in June and recorded the following transactions during June, its first month of operations:

1. Purchased materials costing $800,000.

2. Used direct materials in production costing $485,000.

3. Applied direct labor costs of $500,000 to various jobs.

4. Applied manufacturing overhead at a rate of $10 per direct labor hour. (Direct labor workers earn $20 per hour.)

5. Incurred actual manufacturing overhead costs of $245,000 (credit "Various Accounts").

6. Transferred completed jobs costing $745,000 to finished goods.

7. Sold completed jobs for $1,000,000 on account. The cost applied to the jobs sold totaled $615,000.

8. Closed the Manufacturing Overhead account directly to Cost of Goods Sold on June 30.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92572277

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