The Mixing Department performs a series of processes in which a fluid chemical is concentrated, Records indicate that the Mixing Department has been charged with $115,200 of direct labor costs. The manufacturing overhead rate is 150% of direct labor costs Beginning work in process was $403,200, and ending work in process totaled $61,200. One- half of this period's completed products is sold on account at a price equal to 160% of its cost. Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production. General journal Ref Description Debit Credit 115.200 (1) Work in process-Moxing Department Wages payable To record direct labor costs Work in process-Mixing Department 115.200 Manufacturing overhead To record manufacturing overhead. (2) To record completed production (3) To record cost of goods sold. To record this period's sales

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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Cost Flows Through Journal Entries
The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $115,200 of direct labor costs. The manufacturing overhead rate is 150% of direct labor costs.
Beginning work in process was $403,200, and ending work in process totaled $61,200. One- half of this period's completed products is sold on account at a price equal to 160% of its cost.
Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production.
General Journal
Ref.
Description
Debit
Credit
(1)
Work in process-Mixing Department
115,200
Wages payable
115,200
To record direct labor costs.
Work in process-Mixing Department
Manufacturing overhead
To record manufacturing overhead.
(2)
To record completed production
(3)
To record cost of goods sold.
0.
To record this period's sales.
O o O O
Transcribed Image Text:Cost Flows Through Journal Entries The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $115,200 of direct labor costs. The manufacturing overhead rate is 150% of direct labor costs. Beginning work in process was $403,200, and ending work in process totaled $61,200. One- half of this period's completed products is sold on account at a price equal to 160% of its cost. Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production. General Journal Ref. Description Debit Credit (1) Work in process-Mixing Department 115,200 Wages payable 115,200 To record direct labor costs. Work in process-Mixing Department Manufacturing overhead To record manufacturing overhead. (2) To record completed production (3) To record cost of goods sold. 0. To record this period's sales. O o O O
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