Larned Corporation recorded the following transactions for the just completed month. $74,000 in raw materials were purchased on account. $72,000 in raw materials were used in production. Of this amount, $61,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $115,500 were paid in cash. Of this amount, $101,700 was for direct labor and the remainder was for indirect labor. Depreciation of $195,000 was incurred on factory equipment. Required:
Record the above transactions in journal entries.

a. Dr Raw materials $74,000

Cr Accounts payable $74,000

b. Dr Work in process 61, 000

Dr Manufacturing overhead 11,000

Cr Raw materials $72,000

c. Dr Work in process $101,700

Dr Manufacturing overhead 13800

Cr Selling and administrative expenses $115,500

d. Dr Manufacturing overhead 195,000

Cr Accumulated depreciation 195,000

Explanation:

Preparation of the journal entries

a. Dr Raw materials $74,000

Cr Accounts payable $74,000

b. Dr Work in process 61, 000

Dr Manufacturing overhead 11,000

(72,000-61,000)

Cr Raw materials $72,000

c. Dr Work in process $101,700

Dr Manufacturing overhead 13800

(115,500-101,700)

Cr Selling and administrative expenses $115,500

d. Dr Manufacturing overhead 195,000

Cr Accumulated depreciation 195,000

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is this good enough?

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.