Brian Canning Co., which sells canned corn, uses an operation costing system. Cans of corn are classified as either sweet or regular, depending on the type of corn used. Both types of corn go through the separating and cleaning operations, but only regular corn goes through the creaming operation. During January, two batches of corn were canned from start to finish. Batch X consisted of 1,650 pounds of sweet corn, and Batch Y consisted of 1,550 pounds of regular corn. The company had no beginning or ending Work-in- Process Inventory. The following cost information is for the month of January: Raw sweet corn Raw regular corn Separating department costs Cleaning department costs Creaming department costs "Includes $2,000 for cream. Batch Size Batch Cost $11,303 1,6501bs 6,045* 1,550lbs X Y 4,160 2,720 930
Brian Canning Co., which sells canned corn, uses an operation costing system. Cans of corn are classified as either sweet or regular, depending on the type of corn used. Both types of corn go through the separating and cleaning operations, but only regular corn goes through the creaming operation. During January, two batches of corn were canned from start to finish. Batch X consisted of 1,650 pounds of sweet corn, and Batch Y consisted of 1,550 pounds of regular corn. The company had no beginning or ending Work-in- Process Inventory. The following cost information is for the month of January: Raw sweet corn Raw regular corn Separating department costs Cleaning department costs Creaming department costs "Includes $2,000 for cream. Batch Size Batch Cost $11,303 1,6501bs 6,045* 1,550lbs X Y 4,160 2,720 930
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
To transfer creamed corn to finished goods only please
Transcribed Image Text:Brian Canning Co., which sells canned corn, uses an operation costing system. Cans of corn are classified as either sweet or regular,
depending on the type of corn used. Both types of corn go through the separating and cleaning operations, but only regular corn goes
through the creaming operation. During January, two batches of corn were canned from start to finish. Batch X consisted of 1,650
pounds of sweet corn, and Batch Y consisted of 1,550 pounds of regular corn. The company had no beginning or ending Work-in-
Process Inventory. The following cost information is for the month of January:
Raw sweet corn
Raw regular corn
Separating department
costs
Cleaning department costs
Creaming department costs
*Includes $2,000 for cream.
Batch
X
Y
Cost
$11,303
6,045*
4,160
2,720
930
Batch Size
1,6501bs
1,550lbs
Transcribed Image Text:To transfer the Creamed Corn to Finished Goods.
Note: Enter debits before credits.
Transaction
g
General Journal
Finished goods inventory
WIP inventory: Creaming department
Debit
Credit
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