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The finishing department for Three Company for the month of June reported The following: Costs: Work in Process, beginning Cost from preceding department Materials Conversion Costs Costs this Department Materials Conversion Costs Costs from preceding dep't this month Quantities Work in Process, beginning Transferred in from prior department Transferred out to next department Normal Lost units Abnormal Lost units Percentage of completion of work in process Materials Conversion Cost The normal spoilage is discovered at the time of final inspection of the units As they leave the department and are transferred to finished goods. It is therefore Assumed that the units have been fully processed in the Finishing Department. Prepare all journalentries necessary to record the production of the 12,000 8,400 13,680 518,000 940,000 740,000 1,000 36,800 34,500 200 3,000 Beginning 100% End 50% 60% Finishing Department.

The finishing department for Three Company for the month of June reported The following: Costs: Work in Process, beginning Cost from preceding department Materials Conversion Costs Costs this Department Materials Conversion Costs Costs from preceding dep't this month Quantities Work in Process, beginning Transferred in from prior department Transferred out to next department Normal Lost units Abnormal Lost units Percentage of completion of work in process Materials Conversion Cost The normal spoilage is discovered at the time of final inspection of the units As they leave the department and are transferred to finished goods. It is therefore Assumed that the units have been fully processed in the Finishing Department. Prepare all journalentries necessary to record the production of the 12,000 8,400 13,680 518,000 940,000 740,000 1,000 36,800 34,500 200 3,000 Beginning 100% End 50% 60% Finishing Department.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The finishing department for Three Company for the month of June reported The following: Costs: Work in Process, beginning Cost from preceding department 12,000 Materials 8,400 Conversion Costs Costs this Department Materials Conversion Costs Costs from preceding dep'tthis month 13,680 518,000 940,000 740,000 Quantities Work in Process, beginning 1,000 Transferred in from prior department Transferred out to next department Normal Lost units Abnormal Lost units Percentage of completion of work in process 36,800 34,500 200 3,000 End Beginning 100% Materials Conversion Cost 50% 60% The normal spoilage is discovered at the time of final inspection of the units As they leave the department and are transferred to finished goods. It is therefore Assumed that the units have been fully processed in the Finishing Department. Prepare all journalentries necessary to record the production of the Finishing Department.
Transcribed Image Text:The finishing department for Three Company for the month of June reported The following: Costs: Work in Process, beginning Cost from preceding department 12,000 Materials 8,400 Conversion Costs Costs this Department Materials Conversion Costs Costs from preceding dep'tthis month 13,680 518,000 940,000 740,000 Quantities Work in Process, beginning 1,000 Transferred in from prior department Transferred out to next department Normal Lost units Abnormal Lost units Percentage of completion of work in process 36,800 34,500 200 3,000 End Beginning 100% Materials Conversion Cost 50% 60% The normal spoilage is discovered at the time of final inspection of the units As they leave the department and are transferred to finished goods. It is therefore Assumed that the units have been fully processed in the Finishing Department. Prepare all journalentries necessary to record the production of the Finishing Department.
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