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View Policies Current Attempt in Progress Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $31,720, Work in Process- Mixing $0, Work in Process-Packaging $305,000, and Finished Goods $352,580. The beginning inventory for Packaging consisted of 12,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 61,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $366,000 of raw materials on account. SAW ~~ 2. Issued direct materials for production: Mixing $256,200 and Packaging $54,900. 3. Incurred labor costs of $340,258. (Use Wages Payable.) Used factory labor: Mixing $222,650 and Packaging $117,608. 5. Incurred $988,200 of manufacturing overhead on account. 6. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 34,160 in Mixing and 7,320 in Packaging. 8. 9. Transferred 54,900 units from Mixing to Packaging at a cost of $1,194,380. Completed and transferred 64,660 units from Packaging to Finished Goods at a cost of $1,604,300. Sold goods costing $1,956,880 for $3,050,000 on account. amount Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when ama is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

View Policies Current Attempt in Progress Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $31,720, Work in Process- Mixing $0, Work in Process-Packaging $305,000, and Finished Goods $352,580. The beginning inventory for Packaging consisted of 12,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 61,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $366,000 of raw materials on account. SAW ~~ 2. Issued direct materials for production: Mixing $256,200 and Packaging $54,900. 3. Incurred labor costs of $340,258. (Use Wages Payable.) Used factory labor: Mixing $222,650 and Packaging $117,608. 5. Incurred $988,200 of manufacturing overhead on account. 6. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 34,160 in Mixing and 7,320 in Packaging. 8. 9. Transferred 54,900 units from Mixing to Packaging at a cost of $1,194,380. Completed and transferred 64,660 units from Packaging to Finished Goods at a cost of $1,604,300. Sold goods costing $1,956,880 for $3,050,000 on account. amount Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when ama is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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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Question 1 of 2 View Policies Current Attempt in Progress Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $31,720, Work in Process- Mixing $0, Work in Process-Packaging $305,000, and Finished Goods $352,580. The beginning inventory for Packaging consisted of 12,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 61,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $366,000 of raw materials on account. 2. Issued direct materials for production: Mixing $256,200 and Packaging $54,900. 3. Incurred labor costs of $340,258. (Use Wages Payable.) anAw~~ Used factory labor: Mixing $222,650 and Packaging $117,608. 5. Incurred $988,200 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 34,160 in Mixing and 7,320 in Packaging. Transferred 54,900 units from Mixing to Packaging at a cost of $1,194,380. Completed and transferred 64,660 units from Packaging to Finished Goods at a cost of $1,604,300. Sold goods costing $1,956,880 for $3,050,000 on account. 789 7. 8. 9. i Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit
Transcribed Image Text:Question 1 of 2 View Policies Current Attempt in Progress Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $31,720, Work in Process- Mixing $0, Work in Process-Packaging $305,000, and Finished Goods $352,580. The beginning inventory for Packaging consisted of 12,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 61,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $366,000 of raw materials on account. 2. Issued direct materials for production: Mixing $256,200 and Packaging $54,900. 3. Incurred labor costs of $340,258. (Use Wages Payable.) anAw~~ Used factory labor: Mixing $222,650 and Packaging $117,608. 5. Incurred $988,200 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 34,160 in Mixing and 7,320 in Packaging. Transferred 54,900 units from Mixing to Packaging at a cost of $1,194,380. Completed and transferred 64,660 units from Packaging to Finished Goods at a cost of $1,604,300. Sold goods costing $1,956,880 for $3,050,000 on account. 789 7. 8. 9. i Journalize the October transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit
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