In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $111,800 $30,000 $17,400 Direct labor 7,200 12,800 11,900 Applied overhead 8,400 59,500 10,200 Transferred-in cost: From Molding 127,400 From Grinding 229,700 Total cost $127,400 $229,700 $269,200 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system.

In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $111,800 $30,000 $17,400 Direct labor 7,200 12,800 11,900 Applied overhead 8,400 59,500 10,200 Transferred-in cost: From Molding 127,400 From Grinding 229,700 Total cost $127,400 $229,700 $269,200 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system.

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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