(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.* (2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.* (3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead.* b. On September 30, journalize the entry to record the transfer of production costs to the second department, Sifting.*   *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $360,000, $147,000, and $96,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $32,000, and work in process at the end of the period totaled $28,200.
Required:
a.
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.*
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.*
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead.*
b. On September 30, journalize the entry to record the transfer of production costs to the second department, Sifting.*
  *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chart of Accounts
ASSETS
REVENUE
110 Cash
410 Sales
121 Accounts Receivable
610 Interest Revenue
125 Notes Receivable
126 Interest Receivable
EXPENSES
131 Materials
510 Cost of Goods Sold
141 Work in Process-Refining Department
520 Wages Expense
142 Work in Process-Sifting Department
531 Selling Expenses
143 Work in Process-Packing Department
532 Insurance Expense
151 Factory Overhead-Refining Department
533 Utilities Expense
152 Factory Overhead-Sifting Department
534 Supplies Expense
153 Factory Overhead-Packing Department
540 Administrative Expenses
161 Finished Goods
561 Depreciation Expense-Factory
171 Supplies
590 Miscellaneous Expense
172 Prepaid Insurance
710 Interest Expense
173 Prepaid Expenses
Transcribed Image Text:Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 141 Work in Process-Refining Department 520 Wages Expense 142 Work in Process-Sifting Department 531 Selling Expenses 143 Work in Process-Packing Department 532 Insurance Expense 151 Factory Overhead-Refining Department 533 Utilities Expense 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packing Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses
181 Land
191 Factory
192 Accumulated Depreciation-Factory
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
251 Wages Payable
EQUITY
311 Common Stock
340 Retained Earnings
351 Dividends
390 Income Summary
Transcribed Image Text:181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education