Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost and management accounting Chapter 19. Managerial Accounting, or chapter 20. Job Order Costing, or chapter 21. Process Costing, or chapter23. Budgetary Planning, or chapter

Cost and management accounting

Chapter 19. Managerial Accounting, or chapter 20. Job Order Costing, or chapter 21. Process Costing, or chapter23. Budgetary Planning, or chapter 22. Cost-Volume Profit.

Please solve as soon as possible I need this in 20 minutes

  1. Oman Flour Mill Company manufactures its product, Dahabi through two manufacturing processes: Mixing and Packaging.

During October, 50,000 units were started into production in the Mixing Department and the following transactions were completed.

  1. Purchased $65,000 of raw materials on account.
  2. Issued raw materials for production: Mixing $42,000 and Packaging $9,000.
  3. Incurred labor costs of $49,780 (credit to Wages payable).
  4. Used factory labor: Mixing $36,500 and Packaging $13,280.
  5. Incurred $158,000 of manufacturing overhead on account.
  6. Applied manufacturing overhead on the basis of $44 per machine hour.

Machine hours were 2,600 in Mixing and 1,200 in Packaging.

  1. Transferred 9,000 units from Mixing to Packaging at a cost of $195,800.
  2. Transferred 10,600 units from Packaging to Finished Goods at a cost of $263,000.
  3. Sold goods costing $320,800 for $500,000 on account.

Required:

Journalize the October transactions. (5marks)

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

Health And Safety Audit An External Audit Perspective

Authors: Abdel Rahman Mansour

1st Edition

6139899648, 978-6139899647

More Books

Students also viewed these Accounting questions