Essay
Given the following information for Simpson Corporation,prepare the necessary journal entries,assuming that the Raw Material Inventory account contains both direct and indirect material.
a. Purchased raw material on account $28,500.
b. Put material into production: $15,000 of direct material and $3,000 of indirect material.
c. Accrued payroll of $90,000, of which 70 percent was direct and the remainder was indirect.
d. Incurred and paid other overhead items of $36,000.
e. Transferred items costing $86,500 to finished goods.
f. Sold goods costing $71,300 on account for $124,700.
Correct Answer:

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a. RIM Inventory 28,500

b. WI...View Answer
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Correct Answer:
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b. WI...
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