Question

Current Attempt in Progress Coronado Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. Purchased raw materials on account $53,000. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,400 was classified as indirect materials. Factory labor costs incurred were $61,300. Time tickets indicated that $54,300 was direct labor and $7,000 was indirect labor. Manufacturing overhead costs incurred on account were $82,000. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $92,200 were completed and transferred to finished goods. Finished goods costing $80,900 to manufacture were sold. 7. 8. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (451)

Answer 1

						Amount $
	Raw Materials Inventory	Factory Labor	Manufacturing overhead	Work in process	Finished goods	Cost of goods
				Inventory	Inventory	Sold
1	53,000
2	-36,100		7,400	28,700
3		61,300
4		-61,300	7,000	54,300
5			82,000
6			-86,880	86,880
7				-92,200	92,200
8					-80,900	80,900
Working:
	Raw Materials Inventory	Factory Labor	Manufacturing overhead	Work in process	Finished goods	Cost of goods
				Inventory	Inventory	Sold
1	53,000
2	-36,100		7,400	=36100-7400
3		61,300
4		-61,300	7,000	54,300
5			82,000
6			-86,880	=54300*160%
7				-92,200	92,200
8					-80,900	80,900