Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw materials that cost $39,800 are withdrawn from the storeroom for use in the Mixing Department.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 $16,100 are incurred, but not yet paid, in the Mixing Department. (3) Manufacturing overhead of $45,700 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $87,600 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $111,300 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $38,200 are sold. Required: Prepare journal entries for each of the transactions listed above.

Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw materials that cost $39,800 are withdrawn from the storeroom for use in the Mixing Department.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 $16,100 are incurred, but not yet paid, in the Mixing Department. (3) Manufacturing overhead of $45,700 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $87,600 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $111,300 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $38,200 are sold. Required: Prepare journal entries for each of the transactions listed above.

Name: 5Bayas Corporation uses process costing. A number of transactions tha
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 5Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below..(1) Raw materials that cost $39,800 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classifie

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

Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 12,000 units, 100% complete with respect to materials cost and 20% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $39,400. A total of 42,000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $2.40 for materials and $4.50 for conversion costs. The total cost of the units completed and transferred out of the department was: a. b. C. d. $250,200 $289,800 $250,400 $189,000
Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 14,500 units, 100% complete with respect to materials cost and 30% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $23,800. A total of 46,000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.90 for materials and $3.70 for conversion costs. The total cost of the units completed and transferred out of the department was: Multiple Choice O C $206,540 $257,600 $244,095 $271,645
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. credit to Manufacturing Overhead of OMR 7,000 O b. debit to Work in Process of OMR 85,000 O c. None of the given answer is correct O d. debit to Work in Process of OMR 78,000 O e. debit to Raw Materials of OMR 85,000
BNC Company produces a product in two departments: (1) mixing and (2) finishing. the company uses a process cost accounting system. Accounting Transactions No. Transactions (e) manufacturing overhead is applied to the product based on machine hours used in each department: mixing department - 400 machine hours at $30 per machine hour. Finishing department - 500 machine hours at $20 per machine hour. (f) units costing $56,000 were completed in the mixing department and were transferred to the finishing department. (g) units costing $70,000 were completed in the finishing department and were transferred to finished goods. (h) finished goods costing $40,000 were sold on account for $55,000. Prepare the journal entries to record the preceding transactions for BNC Company. List debit transactions first and then list credit transactions. General Journals No. Account Titles and Explanation Debit ($) Credit ($) (e) work in process inventory - mixing…
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?
ABC Company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. The production quantity schedule for April is reproduced below: Work in process on April 1 (60% complete as to conversion costs) 1,000 Units started during April 5,000 Total units to account for 6,000 Units completed and transferred out 4,000 Work in process on April 30 (20% complete as to conversion costs) 2,000 Total units accounted for 6,000 Costs pertaining to the month of April are as follows: Beginning inventory costs: (DM, $54,600; Conversion, $35,560) $90,160 Costs incurred during April (DM, $468,000; Conversion $574,060) $1,042,060 Question #1: Using the weighted average method, the equivalent unit materials cost for April is? Question #2: Using the weighted average method, the 4,000 units completed during April will be transferred out at an EUP unit cost of?
Munabhai
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process-Mixing Department 28,000 June 1 balance Materials Direct labor Overhead June 30 balance Debit 120,000 79,500 97,000 Foundational 5-7 (Static) Credit Completed and transferred to Finished Goods ? The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and…
Candace's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production process incurred the following costs in processing: Wages of workers operating production equipment Manufacturing overhead allocated to the production department Direct materials $50,700 5,000 250,000 Equivalent units of production was 23,000 units for materials and 22,500 units for conversion. Use the FIFO method to compute the September cost per equivalent unit of production for direct materials. OA. $2.42 OB. $2.48 O C. $11.11 OD. $10.87
Lamberton Industries uses process costing. All of the company’s manufacturing activities take place in a single processing department. The following information was available for the month of July: Direct materials $ 90,000 Direct labor 37,000 Manufacturing overhead applied 51,000 Total costs to account for in July $ 178,000 Partially completed units in July’s beginning and ending work in process inventories were considered immaterial and were assigned no dollar value. During July, 50,000 units were completed, of which 45,000 were sold on account at $16 per unit. Required: Complete a production cost report for Lamberton Industries for the month of July. Note: Do not round intermediate calculations.
Please help me