Entries got flow of factory cost for process cost system
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Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $371,000,$142,000, and $98,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,200, and work in process at the end of the period totaled $28,400. Required: a. (1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials. * (2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor. * (3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead. * b. On September 30 , journalize the entry to record the transfer of production costs to the second department, Sifting. * "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTS Radford Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Noles Recoivable 126 interest Receivable 131 Materialt 141 Work in Process-Refining Department 142 Work in Process-Sifting Department 143 Work in Process Packing Department 151 Factory Overheas-Refining Dopartment 152. Factory Overhead-siting Department. 153 Factory Ovorhead-Packing Dopartment 161 Finished Goods 171 Supplies 172 Prepaid lnsurance 173 Pregaid Expenses 181 Land 191. Factory 192 Aocumulated Depreciation Factory REVENUE 410 sales 610 lnterest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Ureties Expense 534 Supplies Expense 540 Administrative Expenses 561 Depeeciation Expense-Factofy 590 Misceltaneous Expense 710 Interest Expense LABILITIFS 210 Accounts Payable 221 Utieies Payable 231 Noses Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary a(1). On September 30, joumakte the entyy to recove the flow of costs into the Refring Department during the period for direct muteriak. Refer to the chart of acocunts for. the exnot worting of the account tidles. CNOWjoumale do not use lines for spanes or joumal explanations Every frie on a joumal pege is used for debit or credit entrieat. Do a(2). On September 30, joumakice the enty fo record the flow of ooate info the Refining Department during the period for diect labor. Refer to the ohart of accounta for the exact wording of the acoount bates. CNOWjoumaly do not use lnes for spaces or joumad explanatione Every line on a joumal pege it used for debit or credit entrien Do not add explanations or ajip a lire between joumad entriet CNOWjoumait wilf automatically hndent a eredit entry when a credit amount ia entered
