Question

Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you...

Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods.

Aug. 4, 20X5

Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $3,000, on account.

Aug. 8, 20X5

Transferred 50% of the raw materials purchased on August 4 into production.

Aug. 8, 20X5

Incurred direct labor costs of $2,000. Factory overhead is applied at 30% of the direct labor cost.

Aug. 9, 20X5

Transferred completed awnings with total assigned costs of $3,300 to finished goods.

Aug. 10, 20X5

Selling price for half of finished good is $3,000. Selling half of finished goods percentage is 50%
A.

Raw materials

1,600

Work in process

850

Finished goods

1,680
B.

Raw materials

1,500

Work in process

800

Finished goods

1,650
C.

Raw materials

1,460

Work in process

750

Finished goods

1,430
D.

Raw materials

1,580

Work in process

840

Finished goods

1,430
E.

Raw materials

1,320

Work in process

650

Finished goods

1,780
F.

None of the above
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