Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use the FIFO method.
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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Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,700
units during November. The following production activity in both units and costs refers to the Assembly department's
November activities.
Assembly Department
Units
Percent
Complete for
Direct
Materials
Beginning work in process inventory
Units started this period
2,000
65%
Percent
Complete for
Conversion
35%
11,700
Units completed and transferred out
Ending work in process inventory
9,000
4,700
90%
40%
Cost of beginning work in process
Direct materials
Conversion
Costs added this month
$ 1,407
1,241
$ 2,648
Direct materials
Conversion
25,053
25,959
51,012
QS 16-17A (Algo) FIFO: Journal entry to transfer costs LO P4
Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use
the FIFO method.
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Journal entry worksheet
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1
Record the transfer of units from the Assembly department to the Painting
department (FIFO method.)
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
November 30
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc39f8e23-2d6f-41d4-80a4-5e65171b5256%2F90803e8b-4206-4105-83d8-034fa258c544%2Fgkrv3cq_processed.png&w=3840&q=75)
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