Sportly, Inc. completed Job No. B14 during 2019. The job cos…

Sportly, Inc. completed Job No. B14 during 2019. The job cost sheet listed the following:Direct materials                                   $110,000Direct labor                                             $60,000Factory overhead applied              $40,000Units produced                                            3,000 unitsUnits sold                                                        1,800 units How much is the cost of the finished goods on hand from this job?

Problem I- (A) – (8 points)  Journalize the following entrie…

Problem I- (A) – (8 points)  Journalize the following entries for Wiley Company.   (1)  Purchased raw materials for $50,000 on account.  (2)  Raw materials requisitioned for production in a process costing were:            Direct materials                 Mixing department                                     $20,000                 Finishing department                                   14,000   (3)  Factory labor used: $50,000, of which $20,000 was indirect:            Mixing department                                          $40,000            Finishing department                                        10,000   (4) Other factory overhead incurred $45,000, (credit accounts payable)    (5)  Manufacturing overhead is applied to the products based on machine hours used in each department:            Mixing department—400 machine hours at $30 per machine hour.            Finishing department—500 machine hours at $20 per machine hour.  (6)  Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department.  (7)  Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. (8)  Finished goods costing $40,000 were sold on account for $55,000.