ACCT 3055-Cost Accounting Examen Capitulo 21 Dr. Herminio Rodriguez Principe, CPA PROBLEMA II-PROCESS COST ACCOUNTING ENTRIES Cost Accountin minio Rodriguez Pa the Fors Problem III. RO Lucas Manufacturing Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. a Purchased raw materials for $50,000 on account. b Incurred Factory Labor costs of $72,000. Direct raw materials requisitioned for production: Mixing department $22,000 Finishing department 13,000 d Direct factory labor assigned: Mixing department $40,000 Finishing department 32,000 e Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department: 800 machine hours at $15 per machine hour Finishing department: 1,200 machine hours at $10 per machine hour Compr materiales a crdito por $50,000. b Incurri en costos de Factory Labor por $72,000. Solicit Direct Materials para produccin: Mixing department $22,000 Finishing department 13,000 d Se asign el Direct Labor: Mixing department $40,000 Finishing department 32,000 e Se aplic el MOH a los productos basado en las horas mquinas usadas en cada departamento. Mixing department: 800 horas a $15 la hora Finishing department: 1,200 horas a $10 la hora i f Units costing $60,000 were completed in the Mixing Department and were transferred to the Finishing Department. g Units costing $70,000 were completed in the Finishing Department and were transferred to Finished Goods Inventory. h Finished goods costing $35,000 were sold. Finished goods on letter (h) were sold on account for $50,000. f Unidades por $60,000 se completaron y transfirieron del departo. de Mixing al depto. de Finishing g Unidades por $70,000 se completaron y transfirieron del depto. de Finishing al inventario de Finished Goods h Productos terminados con un costo de $35,000 se vendieron. i Los productos de la letra (h) se vendieron por $50,000 a los clientes Instructions: Prepare the journal entries to record the preceding transactions for Lucas Manufacturing Company. Used the following chart of accounts: Prepare las entradas de jomal de las transacciones presentadas para Lucas Manufacturing Company en el General Journal. Usar el listado de las siguientes cuentas. 1. Cash 2. Accounts Receivable 3. Raw Materials Inv. 4. WIP Inv. Mixing 5. WIP Imv. Finishing 6. Manufacturing Overhead 7. Accounts Payable 8. Factory Wages Payable 9. Accumulated Depreciation 10. Sales 11. Depreciation Expense 12. Factory Labor 13. Wages Expense 14. Cost of Goods Sold 15. Finished Goods Inv. PROBLEM II - # a e b C d f 9 h PROCESS COST ACCOUNTING ENTRIES: (21 puntos) GENERAL JOURNAL ACCOUNTS DESCRIPTION DEBIT CREDIT