Question
alloy manufacturing produces aluminum products in three processing departments--molding,cutting,and packaging. transactions for the month of march are shown below: 1) direct materials totalling $140,000 are
alloy manufacturing produces aluminum products in three processing departments--molding,cutting,and packaging. transactions for the month of march are shown below:
1) direct materials totalling $140,000 are requisitioned and placed inti production: $50,000 for the forming department,$60,000 for the cutting department and $30,000 for the packaging department.
2) direct labor costs (wages payable) are incurred by each department as follows:
forming $35,000 cutting $25,000 packaging $18,000
3) manufacturing overhead costs are applied to each department as follows:
forming $9,000 cutting $7,500 packaging $4,200
4) products with a cost of $45,000 are transferred from the forming department to the cutting department.
5) products with a cost of $62,000 are transferred from the cutting department to the packaging department.
6) products with a cost of $75,000 are completed and transferred from the packaging department to the finished goods warehouse.
7) products with a cost of $33,000 are sold to customers.
required: prepare journal entries to record transactions (1) through (7).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started