Required: Prepare journal entries to record the costs incurred in both the Refining Department and BlendingDepartment during March. Key your entries to the items (a) through (g) below. a. Raw materials used inproduction. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, S626,000. (Credit Accounts Payable.) d. Manufacturing overhead was applied to production using apredetermined overhead rate. e. Units completed in the Refining Department were transferred to theBlending Department, $672,000. f. Units completed in the Blending Department were transferred toFinished Goods, $720,000. g. Completed units were sold on account, S1, 410,000. The Cost of Goods Soldwas $660,000. Post the journal entries from (1) above to T-accounts. The following account balancesexisted at the beginning of March. (The beginning balance in the Refining Department's Work in Process isgiven in the T-account shown above.) \table [[Raw materials.$209,600

The objective of the question is to prepare journal entries for the costs incurred in the Refining…

Answered: Required: Prepare journal entries to…

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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Equivalent Units of Production The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item August 1 Bal., 4,800 units, 2/5 completed 31 Direct materials, 86,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 87,600 units 31 Bal., ? units, 3/5 completed Debit Credit Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 155,520 44,970 25,302 Total a. Determine the number o inits in work in process inventory at August 31. units 227,952 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zerb, enter in "0". Baking Department. Equivalent Units of Production for Direct Materials and Conversion Costs For August Balance Balance Debit Credit 10,368 165,888…
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Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 640 1,640 1,890 390 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $19,676 Equivalent Units…
Prepare a schedule of cost of good manufactured.
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The following data reports on the July production activities of the Molding department and Oak Company. Prepare the Molding department's production cost report using the FIFO method. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Units Direct Materials Percent CompleteConversion Percent Complete 6,000 100% 97.500 96.000 7.500 100% $55,650 6,840 $ 62,490 Costs added this period Direct materials Conversion 1.072,500 566,010 1,638,510 20% 60% Using the FIFO method, what are the Equivalent Units of Production (EUPS) for direct materials and conversion?
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.55 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs The beginning work in process inventory on October 1 had a cost of $1,300. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 0 39,000 39,000 2,000 41,000 $ $ Equivalent Units Conversion 2,000 39,000 41,000 1,000 42,000 X X X
[The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Work in Process-Mixing Department Debit Credit 45,000 140,400 Completed and transferred to Finished Goods 89,500 107,000 ? The June 1 work in process inventory consisted of 6,000 units with $24,250 in materials cost and $20,750 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 38,500 units were started into production. The June 30 work in process inventory consisted of 10,000 units that were…
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. $17,282 29,395 33,789 16,813 18,863 20,514 25,262
Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases: a.) Loss occurred at the start of process; b.) Loss occurred during the process; c.) Loss occurred at the end of process.
The journal entry to record the direct materials cost added in July would include A debit to work-in-process inventory (Department 2) for $425,000 A debit to work-in-process inventory (Department 2) for $400,000 No entry would be required A debit to raw materials inventory for $400,000 The journal entry to record the transferred-in cost added in July would include A debit to work-in-process inventory (Department 2) for $220,000 No entry would be required A debit to work-in-process inventory (Department 1) for $200,000 A debit to work-in-process inventory (Department 2) for $200,000
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item August 1 Bal., 9,000 units, 2/5 completed 31 Direct materials, 162,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 164,100 units 31 Bal., ? units, 2/5 completed Debit Credit Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 Total 226,800 62,690 35,266 328,560 Balance Balance Debit Credit a. Determine the number of units in work in process inventory at August 31. units 15,120 241,920 304,610 339,876 11,316 11,316 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For August…

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