Essay
Given the following information for Gregg 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 $45,500.
b. Put material into production: $28,000 of direct material and $5,000 of indirect material.
c. Accrued payroll of $95,000, of which 65 percent was direct and the remainder was indirect.
d. Incurred and paid other overhead items of $42,000.
e. Transferred items costing $92,500 to finished goods.
f. Sold goods costing $79,900 on account for $134,200.
Correct Answer:

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a. RM Inventory 45,500
45,500
b. WIP Inv...View Answer
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Correct Answer:
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b. WIP Inv...
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