For each of the five transactions described below, indicate which account should be debited and which account should be credited: Cost of Goods Sold Direct Labor
Finished Goods Manufacturing Overhead
Raw Materials Salaries and Wages Pavable
Transaction Debit Credit
1. Direct materials are issued into production for a specific job
2. Salary of the Production Supervisor is payable
3. Lubricating oil, waste cotton, and solder are used in the factory
4. The wages of direct laborers who worked on a particular job are payable
5. Manufacturing overhead is applied to jobs using a predetermined overhead rate

1. Direct materials are issued into production for a specific job

Debit ⇒ Work in Process Inventory

Credit ⇒Raw Materials inventory

2. Salary of the Production Supervisor is payable

Debit ⇒ Manufacturing overhead

Credit ⇒ Wags Payable

3. Lubricating oil, waste cotton, and solder are used in the factory

Debit ⇒ Manufacturing overhead

Credit ⇒ Raw materials inventory

4. The wages of direct laborers who worked on a particular job are payable

Debit ⇒ Work in process

Credit ⇒ Wages payable

5. Manufacturing overhead is applied to jobs using a predetermined overhead rate

Debit ⇒ Work in process inventory

Credit ⇒Manufacturing overhead

answer; no individual buyer or seller has any significant impact on the market price;

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