None Ivanhoe Company manufactures CH-21 through two processes: Mixing and Packaging. In July, thefollowing costs were incurred.Units completed at a cost of $18,060 in the Mixing Department are transferred to the PackagingDepartment. Units completed at acost of $91,160 in the Packaging Department are transferred to Finished Goods.Journalize the assignment of these costs to the two processes and the transfer of units as appropriate. (List all debit entries before creditentries. Credit account titles are automatically indented when amount is entered. Do not indentmanually.)Account Titles and ExplanationDebitCreditAccount Titles and ExplanationDebitCredit(To record materials used)(To assign direct labor to production)Account Titles and ExplanationDebitCredit(To record materials used)(To assign direct labor to production)

The problem involves Ivanhoe Company, which manufactures a product using two processes: Mixing and…

Answered: Ivanhoe Company manufactures CH-21…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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Similar questions

A manufacturer completed the production of goods costing $350,000 and transferred them to finished goods. The journal entry to record the transfer of units from the Shaping department to Finished Goods Inventory includes a: Multiple Choice Debit to Work in Process Inventory- Shaping for $350,000. Credit to Work in Process Inventory- Shaping for $350,000. Credit to Finished Goods Inventory for $350,000. Debit to Raw Materials Inventory for $350,000. Credit to Raw Materials Inventory for $350,000.
Hotwax completed products costing $275,000 and transferred them to finished goods. Prepare the journal entry to record the transfer of units from Shaping to finished goods inventory.
Friedman Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: View the transactions. Prepare the joumal entries for Friedman Company. (Record debits first, then credits. Exclude explanations from journal entries.) 1. Cost of units completed in the Cutting Department, $14,000 Date Nov. 30 Accounts Debit Credit Transactions 1. Cost of units completed in the Cutting Department, $14,000 2. Cost of units completed in the Stamping Department, $28,000 $39,000 3. Cost of units completed in the Polishing Department, 4. Sales on account, $40,000 5. Cost of goods sold is 80% of sales - X
Stormrage company has two processing departments. Units begin in the Firing Department and then are transferred to the Molding Department. Once the units are completed in Molding, the units move to the finished goods warehouse where they remain until sold. Which of the following is the correct journal entry to record $367,000 of units transferred out of Molding? a. Work in Process - Molding Work in Process - Firing b. C. d. Work in Process - Firing Work in Process - Molding Finished Goods Work in Process - Molding Work in Process - Molding Finished Goods 367,000 367,000 367,000 367,000 367,000 367,000 367,000 367,000
Prepare the March journal entry for the Papermaking Department for the conversion costs charged to production.
Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March: Attachment a. Prepare the following March journal entries for the Papermaking Department:1. The materials charged to production2. The conversion costs charged to production3. The completed production transferred to the Converting Departmentb. Determine the Work in Process—Papermaking Department March 31 balance.
A company transferred completed goods from the Assembly department to finished goods inventory. The goods cost $271,200. The journal entry to record this production activity includes a:
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600 (275,000 factory overhead applied and 187,600 direct labor). The total cost transferred to Finished Goods for the period was 3,392,400. The Rolling Department had a beginning inventory of 163,800. a. Journalize for the Rolling Department (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. b. Determine the balance of Work in ProcessRolling at the end of the period.
Blue Ribbon Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in ProcessSifting Department was as follows on May 1: The following costs were charged to Work in ProcessSifting Department during May: During May, 18,000 units of flour were completed and transferred to finished goods. Work in ProcessSifting Department on May 31 was 1,800 units, 75% completed. Instructions Prepare a cost of production report for the Sifting Department for May, using the weighted average method. Assume that direct materials are placed in process during production.

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