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Wayne Company Has Gathered the Following Data for the First

Question 103

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Wayne Company has gathered the following data for the first year of its operations:
 Direct materials purchased for cash $26,000 Direct materialsrequisitioned 20,000 Direct- labor costs incurred 40,000 Factory overhead costs incurred 35,000 Overhead applied ( 90% of direct labor) ? Cost of goods completed 80,000 Cost of goods sold 75,000 Sales for cash 160,000\begin{array}{ll}\text { Direct materials purchased for cash } & \$ 26,000 \\\text { Direct materialsrequisitioned } & 20,000 \\\text { Direct- labor costs incurred } & 40,000 \\\text { Factory overhead costs incurred } & 35,000\\\text { Overhead applied ( } 90 \% \text { of direct labor) } & ? \\\text { Cost of goods completed } & 80,000 \\\text { Cost of goods sold } & 75,000 \\\text { Sales for cash } & 160,000\end{array} Prepare general journal entries for the above transactions.

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