Data for Morris & Company Work In Process, July 1 Added during July Equivalent units for June as follows: Materials $21,400 $58,600 20,000 units Conversion $30,000 $ 78,000 18,000 units Morris transferred out 12,000 units and had 8,000 units in ending work in process 75% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is

Data for Morris & Company Work In Process, July 1 Added during July Equivalent units for June as follows: Materials $21,400 $58,600 20,000 units Conversion $30,000 $ 78,000 18,000 units Morris transferred out 12,000 units and had 8,000 units in ending work in process 75% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is

Name: Data for Morris & Company is as follows:Work In Process, July 1Added
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Description: Data for Morris & Company is as follows:Work In Process, July 1Added during JulyEquivalent units for JuneMaterials$ 21,400$58,60020,000 unitsConversion$30,000$78,00018.000 unitsMorris transferred out 12,000 units and had 8,000 units in ending work i

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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Process Costing Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $564,000. The conversion cost for the period in the Rolling Department is $110,500 ($61,000 factory overhead applied and $49,500 direct labor). The total cost transferred to Finished Goods for the period was $600,000. The Rolling Department had a beginning inventory of $20,600. a1. Journalize the cost of transferred-in materials for the Rolling Department. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs for the Rolling Department. If an amount box does not require an entry, leave it blank.. ED a3. Journalize the costs transferred out to Finished Goods for the Rolling Department. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period.
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