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1.Manufacturing costs for Carson Company for selected months are as follows:
Beginning work in process
Direct materials used
Total manufacturing costs
Total cost of work in process
Ending work in process
Cost of goods manufactured
Beginning finished goods
Cost of goods available for sale
Ending finished goods
Cost of goods sold
Indicate the missing amounts. (Show computations.)
2. Farr Corporation had the following transactions during its first month of operations:
1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials.
3. Factory labor costs incurred were $125,000 of which $100,000 pertained to factory wages payable and $25,000 pertained to employer payroll taxes payable.
4. Time tickets indicated that $104,000 was direct labor and $21,000 was indirect labor.
5. Overhead costs incurred on account were $112,000.
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $135,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods.
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Farr Corporation in general journal form (ignore dates and posting references).