(1) Raw materials that cost $39,900 are withdrawn from the storeroom for use in the Mixing Department.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(1) Raw materials that cost $39,900 are withdrawn from the storeroom for use in the Mixing Department.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
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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 A number of transactions that occurred in June are listed below.(1) Raw materials that cost $39,900 are withdrawn from the storeroom for use in the Mixing Department.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

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