(1) Raw materials that cost $39,900 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $16,200 are incurred, but not yet paid, in the Mixing Department. (3) Manufacturing overhead of $45,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $87,700 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $111,400 finish processing in the Drying Department, the final step transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $98,300 are sold. the production process, and are Required: Prepare journal entries for each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

(1) Raw materials that cost $39,900 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $16,200 are incurred, but not yet paid, in the Mixing Department. (3) Manufacturing overhead of $45,800 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $87,700 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $111,400 finish processing in the Drying Department, the final step transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $98,300 are sold. the production process, and are Required: Prepare journal entries for each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Name: Bayas Corporation uses process costing. A number of transactions that
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below.(1) Raw materials that cost $39,900 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materialsare classified a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

how I do these entries? Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations in March follows: Raw materials used in production: Molding Department, $28,500; and Firing Department, $5,500. Direct labor costs incurred: Molding Department, $19,700; and Firing Department, $5,400. Manufacturing overhead was applied: Molding Department, $23,300; and Firing Department, $39,600. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company’s process costing system, the cost of the unfired, molded bricks was $69,500. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company’s process costing system, the cost of the finished bricks was $109,400. Finished bricks were sold to customers. According to the company’s process costing system, the cost of the finished bricks sold was $104,300.…
With respect to direct materials costs, how many equivalent units were calculated for the product that was completed, and how many equivalent units were calculated for the ending balance?
Assume that department C applies factory overhead based on units produced with an estimate of 5,000 units for the period. The actual units produced for the current period was 4800. If the company uses the step method in allocating service department costs, how much is the applied factory overhead of department C.* Etona company has two service departments and three producing departments. The following data was made avalable: Service Departments Engineering 400 Producing Departments Maintenance A Maintenance Hrs Engineering Hrs Overhead Costs 800 200 200 800 400 400 P90,000 400 P12,000 P54,000 P80,000 P50,000 Your answer
The following costs relate to one month's activity in Martin Company: Indirect materials $ 300 Rent on factory building $ 500 Maintenance of equipment $ 50 Direct material used $1,200 Utilities on factory $ 250 Direct labour $1,500 Selling expense $ 500 Administrative expense $ 300 Work-in-process inventory, beginning $ 600 Work-in-process inventory, ending $ 800 Finished goods inventory, beginning $ 500 Finished goods inventory, ending $ 250 Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (b.) Determine the cost of goods sold.
A local picnic table manufacturer has budgeted these overhead costs - ERROR: "Handling materials" is $33,350 - (note their order as you will use the same order down below): Purchasing Handling materials Machine setups $70,000 33,333 70,500 25,500 45,000 Inspections Utilities They are considering adapting ABC costing and have estimated the cost drivers for each pool as shown (again, note their order): Cost Driver Activity Orders 700 Material moves Machine setups Number of inspections Square feet 1,334 15,000 5,000 180,000 Recent success has yielded an order for 1,000 tables. Assume direct labor costs per hour of $20. Determine how much the job would cost given the following activities (once more, note their order for the last worksheet): Activity Order (units) Direct materials 1,000 112,700 15,200 5,300 60 Machine hours Direct labor hours Number of purchase orders Number of material moves Number of machine setups Number of inspections Number of square feet occupied 800 100 450 8,000…
The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of productio Work in Process-Assembly Department 19,500 To Finished Goods, 115,000 units 247,800 214,300 83,270 Bal., 5,000 units, 75% completed Direct materials, 118,000 units @ $2.1 Direct labor Factory overhead Bal., ? units, 40% completed Cost per equivalent units of $2.10 for Direct Materials and $2.60 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) b. Did the production costs change from the preceding period? 0000 ? c. Assuming that the direct materials cost per unit did not…
Munabhai
Please help me
Heidelberg Fabrication manufactures two products, G-09 and G-35: Units produced Direct materials cost per unit Machine-hours per unit Production runs per quarter Machine depreciation Setup labor Production at the plant is automated and any labor cost is included in overhead. Data on manufacturing overhead at the plant follow: Materials handling Total G-09 19,700 $ 7 4 G-35 3,940 $ 19 7 72 $ 106,380 53,190 42,552 $ 202,122 a. Overhead rate b. Machine depreciation b. Setup labor b. Materials handling Exercise 9-36 (Algo) Activity-Based Costing and Cost Driver Rates (LO 9-4) Required: a. Heidelberg currently applies overhead on the basis of machine-hours. What is the predetermined overhead rate for the quarter? Note: Round your answer to 2 decimal places. b. Heidelberg is thinking of adopting an ABC system. They have tentatively chosen the following cost drivers: machine-hours for machine depreciation, production runs for setup labor, and direct material dollars for materials handling.…
Please help me
The following is taken from Clausen Company’s internal records of its factory with two operating departments. The cost driver for indirect labor is direct labor hours, and the cost driver for the remaining items is number of hours of machine use. Compute the total amount of indirect labor allocated to Dept. 2 using activity-based costing. Direct Labor Hours Machine Hours Operating Dept. 1 1,020 9,600 Operating Dept. 2 2,380 6,400 Totals 3,400 16,000 Factory overhead costs Rent and utilities $ 22,900 Indirect labor 18,500 Depreciation - Equipment 15,600 Total factory overhead $ 57,000
2. (5) The charges to Work in Process--Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.