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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.
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- 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.
- Purchased $65,000 of raw materials on account.
- Issued raw materials for production: Mixing $42,000 and Packaging $9,000.
- Incurred labor costs of $49,780 (credit to Wages payable).
- Used factory labor: Mixing $36,500 and Packaging $13,280.
- Incurred $158,000 of manufacturing overhead on account.
- Applied manufacturing overhead on the basis of $44 per machine hour.
Machine hours were 2,600 in Mixing and 1,200 in Packaging.
- Transferred 9,000 units from Mixing to Packaging at a cost of $195,800.
- Transferred 10,600 units from Packaging to Finished Goods at a cost of $263,000.
- Sold goods costing $320,800 for $500,000 on account.
Required:
Journalize the October transactions. (5marks)
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