Current Attempt in Progress Oriole Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month of operations. 1. 2. 3. 4 5. 6. 7. Purchased $301,000 of raw materials. Issued raw materials for production: Mixing $212,600 and Packaging $48,800. Incurred labor costs of $282,600. Used factory labor: Mixing $184,900 and Packaging $97,700. Incurred $940,400 of manufacturing overhead. Applied manufacturing overhead on the basis of $24 per machine hour. Machine hours were 30,400 in Mixing and 7,700 in Packaging. 7. Transferred 48,800 units from Mixing to Packaging at a cost of $983,100. 8. Transferred 56,800 units from Packaging to Finished Goods at a cost of $1,318,000. Sold goods costing $1,213,000. 1. 2. 3. 4. 5. 6. 9. Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Direct materials purchased Direct materials used Factory labor incurred Factory labor assigned Manufacturing overhead incurred Manufacturing Overhead assigned Transfer from Mixing to Packaging Raw Materials Inventory $ MANUFACTURING COSTS Factory Labor $ Manufacturing Overhead $ $ Mixing WORK IN PROCESS $ Packaging $ FINISHED GOODS INVENTORY $ COST OF GOODS SOLD
Current Attempt in Progress Oriole Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month of operations. 1. 2. 3. 4 5. 6. 7. Purchased $301,000 of raw materials. Issued raw materials for production: Mixing $212,600 and Packaging $48,800. Incurred labor costs of $282,600. Used factory labor: Mixing $184,900 and Packaging $97,700. Incurred $940,400 of manufacturing overhead. Applied manufacturing overhead on the basis of $24 per machine hour. Machine hours were 30,400 in Mixing and 7,700 in Packaging. 7. Transferred 48,800 units from Mixing to Packaging at a cost of $983,100. 8. Transferred 56,800 units from Packaging to Finished Goods at a cost of $1,318,000. Sold goods costing $1,213,000. 1. 2. 3. 4. 5. 6. 9. Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Direct materials purchased Direct materials used Factory labor incurred Factory labor assigned Manufacturing overhead incurred Manufacturing Overhead assigned Transfer from Mixing to Packaging Raw Materials Inventory $ MANUFACTURING COSTS Factory Labor $ Manufacturing Overhead $ $ Mixing WORK IN PROCESS $ Packaging $ FINISHED GOODS INVENTORY $ COST OF GOODS SOLD
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Current Attempt in Progress
Oriole Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The following
transactions were completed during October, the company's first month of operations.
1.
2.
3.
4
5.
6.
7.
Purchased $301,000 of raw materials.
Issued raw materials for production: Mixing $212,600 and Packaging $48,800.
Incurred labor costs of $282,600.
Used factory labor: Mixing $184,900 and Packaging $97,700.
Incurred $940,400 of manufacturing overhead.
Applied manufacturing overhead on the basis of $24 per machine hour. Machine hours were 30,400 in Mixing and 7,700 in
Packaging.
7. Transferred 48,800 units from Mixing to Packaging at a cost of $983,100.
8. Transferred 56,800 units from Packaging to Finished Goods at a cost of $1,318,000.
Sold goods costing $1,213,000.
1.
2.
3.
4.
5.
6.
9.
Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the
number e.g. -45 or parentheses e.g. (45).)
Direct
materials
purchased
Direct
materials used
Factory labor
incurred
Factory labor
assigned
Manufacturing
overhead
incurred
Manufacturing
Overhead
assigned
Transfer from
Mixing to
Packaging
Raw Materials Inventory
$
MANUFACTURING COSTS
Factory Labor
$
Manufacturing Overhead
$
$
Mixing
WORK IN PROCESS
$
Packaging
$
FINISHED GOODS
INVENTORY
$
COST OF
GOODS SOLD
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