Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fire Out Company manufactures its product, Vitadrink through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month

image text in transcribed

Fire Out Company manufactures its product, Vitadrink through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month of operations. Purchased $301.000 of raw materials. Issued raw materials for production: Mixing $213.200 and Packaging $47.300 Incurred labor costs of $286,700. Used factory labor: Mixing $187,300 and Packaging $99.400. Incurred $1,033,500 of manufacturing overhead. Applied manufacturing overhead on the basis of $25 per machine hour. Machine hours were 30,800 in Mixing and 9,000 in Packaging Transferred 46,200 units from Mixing to Packaging at a cost of $982,000. Transferred 57.800 units from Packaging to Finished Goods at a cost of $1,316,000. Sold goods costing $1,211,000. 1 2 3. 4. 5. 6. 7. 8. 9. Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) MANUFACTURING COSTS Raw Materials Inventory Factory Labor Manufacturing Overhead Mixing $ 1 $ $ $ $ 2 3. 4 5. 6. 7. 8. 9. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit

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

Students also viewed these Accounting questions