(c) Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly showing the ending balance. (d) Prepare the journal entries for the:▪ assignment of direct materials, direct labour incurred, and the manufacturing overhead applied to the Polishing Process▪ cost of the units completed and transferred out to the Packaging Process (e) Given that 30% of the unexpected losses were because of pilferage, prepare the abnormal spoilage statement, clearly showing All Things Brass true loss associated with the Polishing Process All Things Brass produces brass handles for the furniture industry in a four-stage process -MixingMoulding. Polishing and Packaging Costs incurred in the Polishing Department during January aresummarized as follows:WIP - Polishing Process A/CJanuary 1 Bal.Transfer from MouldingDirect Materials Added1,310,000391,60020,000Direct Labour638,000Manufacturing Overhead307,400Normal losses are estimated to be 2%% of input during the period. Inspection takes place during theprocessing operation, at which point damaged handles are separated from good handles and sold as scrapto local furniture manufacturers at $85 each.At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree ofcompletion:Transfer from Moulding100%Direct material added40%Conversion costs20%Work-in-progress at the end of January was 4,000 handles and had reached the following degree ofcompletion:Transfer from Moulding100%Direct material addedS0%Conversion costs50%Direct materials added and conversion costs are incurred uniformiy throughout the process.

Work in Process Inventory- Work in process, work in progress, goods in process, or in-process…

Answered: (c) Complete All Things Brass…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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(c) Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly showing the
ending balance.

(d) Prepare the journal entries for the:
▪ assignment of direct materials, direct labour incurred, and the manufacturing overhead applied to
the Polishing Process
▪ cost of the units completed and transferred out to the Packaging Process

(e) Given that 30% of the unexpected losses were because of pilferage, prepare the abnormal spoilage
statement, clearly showing All Things Brass true loss associated with the Polishing Process

All Things Brass produces brass handles for the furniture industry in a four-stage process -Mixing
Moulding. Polishing and Packaging Costs incurred in the Polishing Department during January are
summarized as follows:
WIP - Polishing Process A/C
January 1 Bal.
Transfer from Moulding
Direct Materials Added
1,310,000
391,600
20,000
Direct Labour
638,000
Manufacturing Overhead
307,400
Normal losses are estimated to be 2%% of input during the period. Inspection takes place during the
processing operation, at which point damaged handles are separated from good handles and sold as scrap
to local furniture manufacturers at $85 each.
At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree of
completion:
Transfer from Moulding
100%
Direct material added
40%
Conversion costs
20%
Work-in-progress at the end of January was 4,000 handles and had reached the following degree of
completion:
Transfer from Moulding
100%
Direct material added
S0%
Conversion costs
50%
Direct materials added and conversion costs are incurred uniformiy throughout the process.

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