Current Attempt in Progress Ivanhoe Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2025, Inventories consisted of Raw Materials $28,080. Work in Process- Mixing $0, Work in Process-Packaging $270,000, and Finished Goods $312.120. The beginning inventory for Packaging consisted of 10,800 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 54,000 units were started into production in the Mixing Department and the following transactions were completed. 1 2 3. 4 5 6. 7. 8. 9 Purchased $324,000 of raw materials on account. Issued direct materials for production: Mixing $226,800 and Packaging $48.600. Incurred labor costs of $301.212. (Use Wages Payable.) Used factory labor: Mixing $197,100 and Packaging $104,112 2 Incurred $874,800 of manufacturing overhead on account. Applied manufacturing over head on the basis of $23 per machine hour. Machine hours were 30.240 in Mixing and 6,480 in Packaging Transferred 48,600 units from Mixing to Packaging at a cost of $1.057.320. Completed and transferred 57.240 units from Packaging to Finished Goods at a cost of $1,420,200 Sold goods costing $1,732,320 for $2,700,000 on account. Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit
Current Attempt in Progress Ivanhoe Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2025, Inventories consisted of Raw Materials $28,080. Work in Process- Mixing $0, Work in Process-Packaging $270,000, and Finished Goods $312.120. The beginning inventory for Packaging consisted of 10,800 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 54,000 units were started into production in the Mixing Department and the following transactions were completed. 1 2 3. 4 5 6. 7. 8. 9 Purchased $324,000 of raw materials on account. Issued direct materials for production: Mixing $226,800 and Packaging $48.600. Incurred labor costs of $301.212. (Use Wages Payable.) Used factory labor: Mixing $197,100 and Packaging $104,112 2 Incurred $874,800 of manufacturing overhead on account. Applied manufacturing over head on the basis of $23 per machine hour. Machine hours were 30.240 in Mixing and 6,480 in Packaging Transferred 48,600 units from Mixing to Packaging at a cost of $1.057.320. Completed and transferred 57.240 units from Packaging to Finished Goods at a cost of $1,420,200 Sold goods costing $1,732,320 for $2,700,000 on account. Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:S.
6.
7.
8.
9.
(To record the sale)
(To record the cost of goods sold)
Transcribed Image Text:Current Attempt in Progress
Ivanhoe Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are
entered at the beginning of each process. On October 1, 2025, Inventories consisted of Raw Materials $28,080. Work in Process-
Mixing $0, Work in Process-Packaging $270,000, and Finished Goods $312.120. The beginning inventory for Packaging consisted
of 10,800 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 54,000 units were
started into production in the Mixing Department and the following transactions were completed.
1
2
3.
4
5
6.
7.
8.
9
Purchased $324,000 of raw materials on account.
Issued direct materials for production: Mixing $226,800 and Packaging $48,600.
Incurred labor costs of $301212 (Use Wages Payable.)
Used factory labor: Mixing $197,100 and Packaging $104,112
2
Incurred $874,800 of manufacturing overhead on account.
Applied manufacturing over head on the basis of $23 per machine hour. Machine hours were 30.240 in Mixing and 6,480 in
Packaging
Transferred 48,600 units from Mixing to Packaging at a cost of $1.057.320.
Completed and transferred 57.240 units from Packaging to Finished Goods at a cost of $1,420,200
Sold goods costing $1,732,320 for $2,700,000 on account.
Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount
is entered. Do not indent manually)
No. Account Titles and Explanation
Debit
Credit
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