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Bridgeport Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Bridgeport had the following
Bridgeport Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Bridgeport had the following transactions during the current month: (a) Purchased materials for $43,000 on account. (b) (d) (e) (f) (h) Direct materials requisitioned for production were: Direct materials Mixing department Finishing department Incurred labor costs of $63,640. Factory labor used: $17,200 12,040 Mixing department Finishing department Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-344 machine hours at $30 per machine hour. Finishing department-430 machine hours at $20 per machine hour. Units costing $48,160 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $60,200 were completed in the Finishing Department and were transferred to finished goods. Finished goods costing $34,400 were sold on account for $47,300. $37,840 25,800 Prepare the journal entries to record the preceding transactions for Bridgeport Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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