Baker Die Company manufactures cutting dies for the shoe industry. Each set of dies is custom designed to a customer’s template. During the first…
Prepare Journal entries to record the above information
Work in Process Inventory 4,800
Materials Payable 4,800
To record Purchase of Steel
Work in Process Inventory 2,200
Materials Payable 2,200
To record Purchase of Supplies
Work in Process
Manufacturing Overhead
Raw Material Inventory
To record Materials used in production
Work in Process
Manufactoring Overhead
Wages Payable
To record labor
Work in Process
Manufactoring Overhead
To record overhead applied to production
Finished Goods
Work in Progress
To record jobs completed
Accounts Receivable
Cost of Goods Sold
Sales
Finished Goods
To record the same of finished goods
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