Question
Fill in the blanks. Complete the following journal entries to show the flow of goods and costs through relative accounts in the process costing system.
- Fill in the blanks.
Complete the following journal entries to show the flow of goods and costs through relative accounts in the process costing system.
You will use each of the following accounts at least once: Work in Process, Raw Materials, Wages Payable, Manufacturing Overhead, Finished Goods
XX/XX/2019
--------------------$XX.XX
---------------------------$XX.XX
Record raw materials into WIP
XX/XX/2019
--------------------$XX.XX
---------------------------$XX.XX
Record/apply labor costs
XX/XX/2019
--------------------$XX.XX
---------------------------$XX.XX
Record/apply manufacturing overhead
XX/XX/2019
--------------------$XX.XX
---------------------------$XX.XX
Transfer of WIP into finished goods
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