Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CALCULATOR PRINTER VERSION BACK Problem 3-1A (Video) Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered

image text in transcribed
CALCULATOR PRINTER VERSION BACK Problem 3-1A (Video) Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2020, Inventories consisted of Raw Materials $26,100, Work in Process-Missing $0, Work in Process --Packaging $253,100, and Finished Goods $292,600. The beginning inventory for Packaging consisted of 14,100 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 51,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $303,000 of raw materials on account. 2. Issued raw materials for production: Mixing $211,400 and Packaging $47,400. 3. Incurred labor costs of $285,200. Used factory labor: Mixing $184,800 and Packaging $100,400 5. Incurred $1,036,000 of manufacturing overhead on account 6. Applied manufacturing overhead on the basis of $25 per machine hour. Machine hours were 32,300 in Mixing and 7,900 in Packaging. 7. Transferred 49,300 units from Mixing to Packaging at a cost of $982,900. 8 Transferred 54,000 units from Packaging to Finished Goods at a cost of $1,320,000. Sold goods costing $1,643,000 for $2,502,000 on account 9

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

Step: 3

blur-text-image

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

Auditing For Dummies

Authors: Maire Loughran

1st Edition

0470530715, 978-0470530719

More Books

Students also viewed these Accounting questions