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Cost ACC Journalize

QuestionAnswer
To record the purchase of raw material Raw Material Inv. Accts. Pay.
To record the issuance of direct and indirect material requisitioned for a specific job WIP Inv. - Job # (or Department) MOH Raw Material Inv.
To record direct and indirect labor payroll for production employees WIP Inv. - Job # (or Department) MOH Wages Pay.
To record the incurrence of actual overhead costs (Account titles to be credited must be specified in an actual journal entry.) MOH Various Accounts
To apply overhead to a specific cost (This may be actual OH or OH applied using a predetermined rate. predetermined OH is applied at job completion or end of period, whichever is earlier.) WIP Inv. - Job # (or Department) MOH
To transfer completed goods to Finished Goods Inv. Finished Goods Inv. (Job #) WIP Inv.
To record the sale of goods on account Accts. Rec. Sales
To record COGS COGS Finished Goods Inv.
Created by: dsilva32
 

 



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