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Cost Flows Nutty Co. uses a combination of Job Order Costing (Gift Baskets) and Process Costing (bagged snack mixes). Complete the journal entries for the
Cost Flows Nutty Co. uses a combination of Job Order Costing (Gift Baskets) and Process Costing (bagged snack mixes). Complete the journal entries for the following transactions. a. letter 30 85 250 60 a) Materials were requisitioned for Gift Basket order 1118 Direct materials S 350 Indirect materials 50 b) Labor costs were incurred for Gift Basket order 1118 Direct labor 100 Indirect labor 5 c) Manufacturing overhead was applied for Gift Basket order 1118 s d) Bagged snacks were transferred to the Bagging Dept. from the Coating Dept. $ e) Supplies were requisitioned by the Bagging Department 80 f) Labor costs were incurred for the Bagging Department Direct labor S Indirect labor 20 5) Manufacturing overhead was applied to the Bagging Department $ 30 h) All bagged snacks were transferred to the Inspecting Department i) Labor costs were incurred for the Inspecting Department Direct labors 25 Indirect labor 10 j) The inspected snacks are completed and transferred to Finished Goods k) Gift Basket order 1118 is completed and transferred to Finished Goods 1) Gift Basket order 1118 is sold on account for: $ 750 m) Bagged snacks were sold on account Bagged snacks cost s 200 Bagged snacks sold for $ 250 a. Complete the Journal Entries and T-Accounts for the events listed. Label each with the letter of the event b. Find the account balances for the accounts below. Journal Entries Account Description Debit Credit T-Accounts Raw Materials Manuf. OH Beg. Bal 1000 letter WIP - Coating Dept. 300 Beg. Bal Finished Goods WIP - Bagring Dept. COGS WIP - Inspecting Dept. Sales Revenue WIP-GB Order 1118 ovided) Accounts Receivable Sal. and Wages Payable Supplies 600 bonus Beg. Bal c. Determine the over/underapplied MOH and write the journal entry to close to Cost of Goods Sold. (Show the over-lunder-in the T-Account then use the Journal Entry template pr d. If Nutty Co. receives an order for bagged snacks that cost $250, and it is able to be fulfilled, what does this mean about the Finished Goods/account
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