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Prepare journal entries for the following transactions assuming the company uses a job-order costing system: Raw...

  1. Prepare journal entries for the following transactions assuming the company uses a job-order costing system:
  1. Raw materials were purchased on account for $300,000
  2. Raw materials were issued to production for $290,000 ($228,000 direct material and $62,000 indirect materials).
  3. Direct labour cost was incurred for $110,000 and indirect labour cost was incurred for $90,000.
  4. Depreciation was recorded on factory equipment for $70,000.
  5. Other manufacturing overhead costs were incurred on account for $140,000.
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