PRO,Inchad the Following Activities During Its Most Recent Period of Operations

Essay

PRO,Inc.had the following activities during its most recent period of operations:
(a)Purchased raw materials on account for $140,000 (both direct and indirect materials are recorded in the Raw Materials Inventory account).
(b)Issued raw materials to production of $130,000 (80% direct and 20% indirect).
(c)Incurred and paid labor costs of $250,000 cash (70% direct and 30% indirect).
(d)Incurred factory utilities costs of $20,000; this amount is still payable.
(e)Applied overhead at 80% of direct labor costs.
(f) Recorded factory depreciation,$22,000.
Prepare journal entries to record the above transactions.