Question
I recently posted this question and got the answer for the most part, however, I need to know what to do with the information in
I recently posted this question and got the answer for the most part, however, I need to know what to do with the information in the beginning of the problem? how do I integrate it into the journal entry ? see right here --> A Company has two production departments: Fabricating and Finishing. Beginning inventories are: Work in ProcessFabricating, $6,030; Work in ProcessFinishing, $4,100; and Finished Goods, $5,600.
3) A Company has two production departments: Fabricating and Finishing. Beginning inventories are: Work in ProcessFabricating, $6,030; Work in ProcessFinishing, $4,100; and Finished Goods, $5,600. During the month the following transactions occurred:
1. Purchased $45,000 of raw materials on account.
2. Incurred $65,000 of factory labor. Wages are unpaid.
3. Incurred $50,000 of manufacturing overhead; $44,000 was paid and the remainder is unpaid.
4. Requisitioned materials for Fabricating, $10,000 and Finishing, $8,000.
5. Used factory labor for Finishing, $52,000 and Fabricating, $13,000.
6. Applied $45,000 of overhead based on machine hours used in each department. The Finishing Department used twice as many machine hours as did Fabricating.
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