Bayas Corporation uses process costing A number of transactions that occurred in June are listed below (1) Raw materials that cost $41,600 are withdrawn from the storeroom for use in the Mixing Department All of these raw materials are classified as direct materials (2) Direct labor costs of $17,900 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of $47,500 is applied in the Mixing Department using the departments predetermined overhead rate (4) Units with a carrying cost of $89,400 finish processing in the Mixing Department and are transferred to the Drying Department for further processing (5) Units with a carrying cost of $113,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse (6) Finished goods with a carrying cost of $100,000 are sold Required Prepare journal entries for each of the transactions listed above (If no entry is required for a transaction event, select No journal entry required in the first account field )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 16, 2024

Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw materials that cost $41,600 are withdrawn from

Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below.

(1) Raw materials that cost $41,600 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials.
(2) Direct labor costs of $17,900 are incurred, but not yet paid, in the Mixing Department.
(3) Manufacturing overhead of $47,500 is applied in the Mixing Department using the departments predetermined overhead rate.
(4) Units with a carrying cost of $89,400 finish processing in the Mixing Department and are transferred to the Drying Department for further processing.
(5) Units with a carrying cost of $113,100 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse.
(6) Finished goods with a carrying cost of $100,000 are sold.

Required:

Prepare journal entries for each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)