ork Part 1Tomlinson Company manufactures car seats in its Chicago plant. Each car seat passes through the assemblydepartment and the testing department. This problem focuses on the assembly department.i (Click the icon to view information about Tomlinson Company's process-costing system.)Prepare a set of summarized journal entries for all October 2020 transactions affecting Work in Process AsBegin by recording the purchase and use of direct materials.Journal EntryJE 1Data tableAccountsWork in process, October 1ªStarted during October 2020Question 2, P18-37 (similaPart 1 of 4Completed during October 2020Work in process, October 31bTotal costs added during October 2020a Degree of completion: direct materials, ?%; conversion costs, 60%.bDegree of completion: direct materials, ?%; conversion costs, 75%.DebitPhysical UnitsDirect(Car Seats) Materials4,50021,50024,0002,000CreditConversionCosts$1,152,000 $483,300$4,386,000 $2,143,200IXRequirementPrepare a set of summarized journal entries for all October 2020 transactionsaffecting Work in Process-Assembly. Set up a T-account for Work inProcess Assembly and post your entries to it.PrintWork in process, beginningCosts added in current periodTotal costs to account forCompleted and transferred outWork in process, endingTotal costs accounted for$DirectProduction Costs Materials$Total costs accounted for$Total$PrintDoneTotalDirect ConversionProduction Costs MaterialsCosts7,584,000 $ 5,112,000 $ 2,472,000580,500 426,000 154,5008,164,500 $ 5,538,000 $ 2,626,5001,635,300 $ 1,152,000 $ 483,3006,529,200 4,386,000 2,143,2008,164,500 $5,538,000 $ 2,626,500ConversionCostsDoneXX

Process costing is generally used for manufacturing products that are similar in nature and…

rk Part 1 Tomlinson Company manufactures car seats in its Chicago plant. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly department. (Click the icon to view information about Tomlinson Company's process-costing system.) Question 2, P18-37 (simila Part 1 of 4 Prepare a set of summarized journal entries for all October 2020 transactions affecting Work in Process-As Begin by recording the purchase and use of direct materials. Journal Entry JE 1 Accounts Debit Credit Requirement Prepare a set of summarized journal entries for all October 2020 transactions affecting Work in Process-Assembly. Set up a T-account for Work in Process Assembly and post your entries to it. Print Work in process, beginning Costs added in current period Total costs to account for Direct Production Costs Materials $ $ Total costs accounted for Done Total - X Conversion Costs 1,635,300 $ 1,152,000 $ 483,300 6,529,200 4,386,000 2,143,200 8,164,500 $ 5,538,000 $2,626,500

rk Part 1 Tomlinson Company manufactures car seats in its Chicago plant. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly department. (Click the icon to view information about Tomlinson Company's process-costing system.) Question 2, P18-37 (simila Part 1 of 4 Prepare a set of summarized journal entries for all October 2020 transactions affecting Work in Process-As Begin by recording the purchase and use of direct materials. Journal Entry JE 1 Accounts Debit Credit Requirement Prepare a set of summarized journal entries for all October 2020 transactions affecting Work in Process-Assembly. Set up a T-account for Work in Process Assembly and post your entries to it. Print Work in process, beginning Costs added in current period Total costs to account for Direct Production Costs Materials $ $ Total costs accounted for Done Total - X Conversion Costs 1,635,300 $ 1,152,000 $ 483,300 6,529,200 4,386,000 2,143,200 8,164,500 $ 5,538,000 $2,626,500

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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