Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BACK Exercise 21-04 Shefleld Company has two production departments: Cutting and Assembly, July 1 Inventories are Raw Materials $4,700, Work in Process-Cutting $3,600, Work in

image text in transcribed
image text in transcribed
image text in transcribed
BACK Exercise 21-04 Shefleld Company has two production departments: Cutting and Assembly, July 1 Inventories are Raw Materials $4,700, Work in Process-Cutting $3,600, Work in Process-Assenbly $10,800, and Finished Goods $32,300. During July, the folilowing transactions ocourred 1. Purchased $64,600 of raw matenials on account. 2 Incurred $61,800 of factory labor. (Credit Wages Payable) 3. Incurred $71,600 of manufacturing overhead, $41,200 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $17,300 and Assembly $9,600 s. Used factory labor for Cutting $34,900 and Assembly $26,900 6.Applied overheld at the rate of $20 per machine hour. Machine hours were Cutting 1,740 and Assembly 1,760 Transferred goods costing $68,840 from the Cutting Department to the Assembly Department Transferred goods costing $135,300 from Assembly to Finished Goods 9 Sold goods costing $151,700 for $202,800 on account ournalize the transactions. (Credit account titles are au tomatically Indanted whan amount is entered, Do not

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Acca F7 Financial Reporting Practice And Revision Kit

Authors: BPP Learning Media

1st Edition

1472726898, 978-1472726896

More Books

Students also viewed these Accounting questions

Question

Describe your ideal working day.

Answered: 1 week ago