Cincinnati Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it
Question:
Cincinnati Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On December 1, Cincinnati Soap Company had the following inventories:
Finished Goods……………….$12,300
Work in Process—Making………4,780
Work in Process—Packing………6,230
Materials…………………………2,700
Departmental accounts are maintained for factory overhead, which both have zero balances on December 1.
Manufacturing operations for December are summarized as follows:
Instructions
1. Journalize the entries to record the operations, identifying each entry by letter.
2. Compute the December 31 balances of the inventory accounts.
3. Compute the December 31 balances of the factory overheadaccounts.
a. Materials purchased on account b. Materials requisitioned for use: Phosphate-Making Department Packaging-Packing Department Indirect materials-Making Department Indirect materials-Packing Department c. Labor used: Direct labor-Making Department Direct labor-Packing Department Indirect labor-Making Department Indirect labor-Packing Department d. Depreciation charged on fixed assets: Making Department Packing Department e. Expired prepaid factory insurance: Making Department Packing Department f. Applied factory overhead: Making Department Packing Department g. Production costs transferred from Making Department to Packing Department h. Production costs transferred from Packing Department to Finished Goods i. Cost of goods sold during the period $153,200 $101 200 35,200 3,960 1,420 $72,300 48,800 14,000 25,100 $13,200 10,900 $2,500 1,000 $34,500 38,120 $208,600 $328,300 $329,500 .......
Step by Step Answer:
a Materials 153200 Accounts Payable 153200 b Work in Process x Making Department 101200 Work in Process x Packing Department 35200 Factory Overhead x ...View the full answer
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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