managerial accounting chapter 17 (journal entries for manufacturing business)

recieve purchased materials (recieving report)
debit Materials
Credit Accounts payable
record requisitioned direct materials (materials requisition)
Debit Work in process
Credit Materials
Direct labor performed (time tickets)
Debit Work in process
Credit Wages Payable
Factory Overhead incurred
(financial accounting)
-indirect materials
-production supervisor wages
-utilities
-depreciation on factory equipment
Debit Factory Overhead
Credit Material
Credit Wages Payable
Credit Utilities payable
Credit Accumulated Depreciation
Allocate applied overhead (computation
Debit Work in process
Credit Factory overhead
Close out factory overhead
(depending on whether the account factory overhead has a debit or credit ending balance)
Debit Cost of goods sold
Credit Factory overhead
-or-
Dedit Factory overhead
Credit Costs of goods sold
record completed products
Debit Finished goods
Credit Work in process
Record products sold
Debit Accounts Receivable
Credit Work in process
Record cost of goods sold
Debit Cost of goods sold
Credit Finished goods