X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $70,000 and $30,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $40,000 and $20,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $16 per machine hour. Machine hours used were 3,000 in Mixing and 1,000 in Packaging. During April, the company transferred units costing $150,000 from Mixing to Packaging. In addition, it transferred units costing S194,000 from Packaging to Finished Goods. Based on the above, the entry prepared to assign raw materials to work in processes consisted of: * A Debit to WIP Mixing $70,000, a Debit to WIP Packaging $30,000, and a Credit to Accounts Payable $100,000 A Debit to WIP Mixing $70,000, a credit to O WIP Packaging $30,000, and a Credit to Raw Material Inventory $40,000 A Debit to WIP Mixing $70,000, a Debit to O WIP Packaging $30,000, and a Credit to Raw Material Inventory $100,000 O None of the above

X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $70,000 and $30,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $40,000 and $20,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $16 per machine hour. Machine hours used were 3,000 in Mixing and 1,000 in Packaging. During April, the company transferred units costing $150,000 from Mixing to Packaging. In addition, it transferred units costing S194,000 from Packaging to Finished Goods. Based on the above, the entry prepared to assign raw materials to work in processes consisted of: * A Debit to WIP Mixing $70,000, a Debit to WIP Packaging $30,000, and a Credit to Accounts Payable $100,000 A Debit to WIP Mixing $70,000, a credit to O WIP Packaging $30,000, and a Credit to Raw Material Inventory $40,000 A Debit to WIP Mixing $70,000, a Debit to O WIP Packaging $30,000, and a Credit to Raw Material Inventory $100,000 O None of the above

Name: 46* l 95% i4G+11:58 PX Company manufactures cakes in two departments:
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Description: 46* l 95% i4G+11:58 PX Company manufactures cakes in two departments: Mixing and Packaging. The company usesa process cost accounting system. All materials are entered at the beginning of each process.During April 2020, the following transactions we

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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