3. Process costing is used. All of the manufacturing activities take place in a single processingdepartment. The following information was available for the month of January:(16 points)Direct materials85,200Direct labor25,000Manufacturing overhead appliedTotal cost to account for in January40,110150,310a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct laborand manufacturing overhead) applied to productin on January 31, 2020.DateDebitCreditDbCrb) Prepare the journal entry to transfer completed units from work in process to the finished goodswarehouse on January 31,2020.DateDebitCreditDbCr 1. Assume process costing is used. Fill two tables given below. SHOW CALCULATIONS IN THE TABLE (48points)Beginning work in process was20% complete in March and 65%complete in April. Ending workMarchApril$965,4602,300,260$1,100,3103,001,940Direct materials costsDirect labor costsManufacturing overhead appliedTotal manufacturing costs3,520,640$6,786,3603,601,030$7,703,280in process was 50% complete inMarch and 30% complete in AprilUnits in beginning work in process6,0003,800Units transferred to finished goodsUnits in ending work in process17,50022,0004,5006,100Express everythingin UNITSMarchAprilBeginning work inprocessStarted andcompletedEnding work inprocessTotal equivalentunitsExpress everything in $Total manufacturing costper equivalent unitDirect materials cost perMarchAprilequivalent unit

Name: 3. Process costing is used. All of the manufacturing activities take
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Description: 3. Process costing is used. All of the manufacturing activities take place in a single processingdepartment. The following information was available for the month of January:(16 points)Direct materials85,200Direct labor25,000Manufacturing overhead a

When production cost are to be transferred Work in process accont should be debited and the…

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3. Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: (16 points) Direct materials 85,200 Direct labor 25,000 Manufacturing overhead applied Total cost to account for in January 40,110 150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020. Date Debit Credit Db Cr b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020. Date Debit Credit Db Cr

3. Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: (16 points) Direct materials 85,200 Direct labor 25,000 Manufacturing overhead applied Total cost to account for in January 40,110 150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020. Date Debit Credit Db Cr b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020. Date Debit Credit Db Cr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,400 units, 2/5 completed 19,656 31 Direct materials, 151,200 units 302,400 322,056 31 Direct labor 88,540 410,596 31 Factory overhead 49,808 460,404 31 Goods finished, 153,300 units 444,402 16,002 31 Bal., ? units, 3/5 completed 16,002 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process
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