Exercise 1 - Warner Company purchases $52,600 of raw materials on account, and it incurs $63,600 of factory labor costs.
Journalize the two transactions on March 31, assuming the labor costs are not paid until April.
Exercise 2 - Warner Company purchases $54,900 of raw materials on account, and it incurs $63,300 of factory labor costs. Supporting records show that (a) the Assembly Department used $30,600 of raw materials and $40,100 of the factory labor, and (b) the Finishing Department used the remainder.
Journalize the assignment of the costs to the processing departments on March 31.
Exercise 3 - Warner Company purchases $51,700 of raw materials on account, and it incurs $62,200 of factory labor costs. Supporting records show that (a) the Assembly Department used $28,800 of raw materials and $38,800 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs.
Journalize the assignment of overhead to the Assembly and Finishing Departments.