Unit v question 16 5,2.3,2.3.寸5.6.8.Wildhorse Company manufactures its product, Vitadrink, throughtwo manufacturing processes: Mixing and Packaging. All materialsare entered at the beginning of each process. On October1, 2022, inventories consisted of Raw Materials $33,800, Work in Process-Mixing $0, Work in Process-Packaging $325,000, and Finished Goods $375,700. The beginning inventory for Packaging consistedof 13,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 65,000 units werestarted into production in the Mixing Department and the following transactions were completed.1.Purchased $390,000 of raw materials on account.Issued direct materials for production: Mixing $273,000 and Packaging $58,500.Incurred labor costs of $362,570. (Use Wages Payable.)Used factory labor: Mixing $237,250 and Packaging 5125,320.4.Incurred $1,053,000 of manufacturing overhead on account.Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 36,400 in Mixing and 7,800 inPackagingTransferred 58,500 units from Mixing to Packaging at a cost of $1,272,700.7.Completed and transferred 68,900 units from Packaging to Finished Goods at a cost of $1,709,500.9.Sold goods costing $2,085,200 for $3,250,000 on account.Journalize the October transactions. (List all debit entries before credit.entries. Credit account titles are autormatically indented when amountisentered, Do not indent manually)No. Account Titles and ExplanationDebitरार्यD1.4. No. Account Tdes and ExplanationDebit4.6.(To record the sale)(To record the cost of goods sold)

Journal entries (JF) refers to the recording the transactions into the original books of accounts…

Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October1, 2022, inventories consisted of Raw Materials $33,800, Work in Process- Mixing $0, Work in Process-Packaging $325,000, and Finished Goods $375,700. The beginning inventory for Packaging consisted of 13,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 65.000 units were started into production in ths Miving Denartm-nt and the fellowin-+r--

Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October1, 2022, inventories consisted of Raw Materials $33,800, Work in Process- Mixing $0, Work in Process-Packaging $325,000, and Finished Goods $375,700. The beginning inventory for Packaging consisted of 13,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 65.000 units were started into production in ths Miving Denartm-nt and the fellowin-+r--

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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Explanation of the question
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4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense $59,000 38,000 39,000 81,000 910,000 45,300 39,200 524,000 79,000 47,000 Rent expense-Office space 28,000 Rent expense-Selling space Rent expense-Factory building Sales salaries expense 67,000 161,000 386,000 Required: