April 30 May 31
Inventories
Raw materials $ 49,000 $ 43,000
Work in process 9,900 21,000
Finished goods 52,000 34,000
Activities and information for May
Raw materials purchases (paid with cash) 193,000
Factory payroll (paid with cash) 300,000
Factory overhead Indirect materials 11,000
Indirect labor 69,000
Other overhead costs 94,000
Sales (received in cash) 1,100,000
Predetermined overhead rate based on direct labor cost 55 %

Compute the following amounts for the month of May using T-accounts
1. Cost of direct materials used
2. Cost of direct labor used
3. Cost of goods manufactured

The record entry in accounting is the reporting of a report in an accounting document that displays the company's costs and credit balances. The amount of the payments must be equivalent to the sum of the credits otherwise the journal submission must be treated as unbalanced.

Raw material: a fundamental substance in its natural, changed or semi-managed condition, used as a contribution to the cycle of production for the eventual modification or transformation into a finished decent substance.

Pass journal entry

Particular Debit ($) Credit ($)

Raw material inventory (WN1) 210,000

Cash 210,000

Work in process 186,000

Raw material inventory 186,000

Factory overhead 15,000

Raw material inventory 15,000