Accounting Principles Homework Problems Chapter 21 1. Flint Company manufactures a product that goes through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of the each process. On May 1, 2020, inventories consisted of Raw Materials $26,000, Work in Process-Mixing $0, Work in Process-Packaging $250,000, and Finished Goods $289,000. The beginning inventory for the Packaging department consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During May, 50,000 units were started into production in the Mixing Department and the following transactions occurred: 1. Purchased $300,000 of raw materials on account. 2. Raw materials requisitioned to production: Mixing $210,000 and Packaging $45,000. 3. Labor costs of $258,000 were incurred. 4. Factory labor used was: Mixing $182,500 and Packaging $76,400. 5. Incurred $810,000 of manufacturing overhead on account. 6. Manufacturing overhead is applied on the basis of $24 per machine hour. The machine hours were 28,000 in the Mixing Department and 6,000 in the Packaging Department. 45,000 units were completed in the Mixing Department and transferred to the Packaging Department at a cost of $979,000. 8. 53,000 units were completed in the Packaging Department and transferred to Finished Goods Inventory at a cost of $1,315,000. 9. Goods costing $1,604,000 were sold for $2,500,000 on account. N Prepare the necessary journal entries for these May transactions. Accounting Principles Homework Problems Chapter 21 1. Flint Company manufactures a product that goes through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of the each process. On May 1, 2020, inventories consisted of Raw Materials $26,000, Work in Process-Mixing $0, Work in Process-Packaging $250,000, and Finished Goods $289,000. The beginning inventory for the Packaging department consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During May, 50,000 units were started into production in the Mixing Department and the following transactions occurred: 1. Purchased $300,000 of raw materials on account. 2. Raw materials requisitioned to production: Mixing $210,000 and Packaging $45,000. 3. Labor costs of $258,000 were incurred. 4. Factory labor used was: Mixing $182,500 and Packaging $76,400. 5. Incurred $810,000 of manufacturing overhead on account. 6. Manufacturing overhead is applied on the basis of $24 per machine hour. The machine hours were 28,000 in the Mixing Department and 6,000 in the Packaging Department. 45,000 units were completed in the Mixing Department and transferred to the Packaging Department at a cost of $979,000. 8. 53,000 units were completed in the Packaging Department and transferred to Finished Goods Inventory at a cost of $1,315,000. 9. Goods costing $1,604,000 were sold for $2,500,000 on account. N Prepare the necessary journal entries for these May transactions