Cost Flows Through Journal Entries The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $160,000 of direct labor costs. T Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production. General Journal Ref. Description Debit Credit (1) Work in process-Mixing Department Wages payable To record direct labor costs. Work in process-Mixing Department Manufacturing overhead To record manufacturing overhead. (2) Finished goods inventory Work in process-Mixing Department + To record completed production (3) Cost of goods sold Finished goods inventory To record cost of goods sold. Sales To record this period's sales. Check

Cost Flows Through Journal Entries The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $160,000 of direct labor costs. T Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production. General Journal Ref. Description Debit Credit (1) Work in process-Mixing Department Wages payable To record direct labor costs. Work in process-Mixing Department Manufacturing overhead To record manufacturing overhead. (2) Finished goods inventory Work in process-Mixing Department + To record completed production (3) Cost of goods sold Finished goods inventory To record cost of goods sold. Sales To record this period's sales. Check

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Description: Cost Flows Through Journal EntriesThe Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $160,000 of direct labor costs. TPrepare journal entr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for Flow of Factory Costs for Process Cost System 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 $527,700, $184,700, and $121,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,600, and work in process at the end of the period totaled $36,400. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. Work in Process-Refining Department. ✓ 284,500 X Materials 2. Work in Process-Refining Department Wages Payable Feedback ✓ 3. Work in Process-Refining Department -✓ Factory Overhead-Refining Department Feedback ✓ - ✓ Feedback…
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Required a.c.&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold. In Year 1, the first event is shown as an example. b.&d. Prepare a schedule of cost of goods manufactured and sold, an Income statement, and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Year 1 Horizontal Event Number 1 2 3 4 5 6 Year 2 Horizontal Record the preceding events in horizontal statements models for Year 1. Close overapplied or underapplied overhead to Cost of Goods Sold. The first event is shown as an example. Note: Enter decreases to account balances with a minus sign. Balance Sheet 7a 7b 8 9 Closing Total Cash $ 3,000+ + + + |+| + + + Year 3 Horizontal Raw Materials $3,000+ $ + + |+ + +1 + +* + Cost of Goods Schedule Assets Manufacturing Overhead Cost +1 + 0+ S + + |+ [ + +1 0 + Financial…
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CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -
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