Acc202 problem set module 2. entries for flow of factory costs for process cost system.

Radford Inc: manufactures a sugar product by a continuoars process, involving three production departments-Refining. Sating. and Packing. Assume that records indicate that direct materiats, direct labor, and applied factory overtiead for the first department, Refining, were $386,000,$145,000, and $93,800, respectively Aso, work in process in the Refining Department at the beginning of the period totalod $29,600, and work in process at the and of the period totaled $28,400. Required: a. (1) On September 30, joumalze the entry to record the flow of costs into the Rofining Departmont during the period for direct matenals . (2) On September 30 joumalize the entry to record the flow of cosft into the Refining Dopartment during that penod for direct labor: (3) On Soptember 30,joumalte the entry to record the flow of costs into the Refining Department doning the penod for factory overhead " b. On September 30 , journaike the entry to record the iranster of arodection costs fo the socond deaatrment sithing " PRefer to the chart of accounts for the exact wovaing of the account hithes. GNowioumais do not ise unes for upaces or joumal exilanabions. Hel actoonaticily andent a crodit entry when a creda amount is eotered Chart of Accounts CHART OF ACCOUNTS Radford inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materiale 141 Work in Process-Refining Department 142 Work in Process-Siting Dopartment 143 Work in Process.Packing Department 151 Factory Overhead-Refining Department 152. Factory Overhead-Sitting Department 153 Factory Overhead.Packing Department REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 cost ot Goods sold 520 Wages Expense 531 Sellinn Exenses 532 insurance Expense 533 Utitites Expense 534 Supplies Expense 540 Administrative Expenses Entries for flow of factory costs for process cost system Chart of Accounts 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Uilities Payabose 231 Notes Payable 236 interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 income Summary not abd explanations or shep a line behieen joumat endres CNOwjoumals wi actomadcady indent a credt entry when a credr amount is entheds Radford Inc: manufactures a sugar product by a continuoars process, involving three production departments-Refining. Sating. and Packing. Assume that records indicate that direct materiats, direct labor, and applied factory overtiead for the first department, Refining, were $386,000,$145,000, and $93,800, respectively Aso, work in process in the Refining Department at the beginning of the period totalod $29,600, and work in process at the and of the period totaled $28,400. Required: a. (1) On September 30, joumalze the entry to record the flow of costs into the Rofining Departmont during the period for direct matenals . (2) On September 30 joumalize the entry to record the flow of cosft into the Refining Dopartment during that penod for direct labor: (3) On Soptember 30,joumalte the entry to record the flow of costs into the Refining Department doning the penod for factory overhead " b. On September 30 , journaike the entry to record the iranster of arodection costs fo the socond deaatrment sithing " PRefer to the chart of accounts for the exact wovaing of the account hithes. GNowioumais do not ise unes for upaces or joumal exilanabions. Hel actoonaticily andent a crodit entry when a creda amount is eotered Chart of Accounts CHART OF ACCOUNTS Radford inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materiale 141 Work in Process-Refining Department 142 Work in Process-Siting Dopartment 143 Work in Process.Packing Department 151 Factory Overhead-Refining Department 152. Factory Overhead-Sitting Department 153 Factory Overhead.Packing Department REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 cost ot Goods sold 520 Wages Expense 531 Sellinn Exenses 532 insurance Expense 533 Utitites Expense 534 Supplies Expense 540 Administrative Expenses Entries for flow of factory costs for process cost system Chart of Accounts 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Uilities Payabose 231 Notes Payable 236 interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 income Summary not abd explanations or shep a line behieen joumat endres CNOwjoumals wi actomadcady indent a credt entry when a credr amount is entheds