it is asking you to journal entrys! i have alresdy done some of them. the first part is using the traditional accounting approach and the second part is using backflush costing.

Book Calcio ackhush versus Traditional Costing: Variation 1 Potter Company has installed a HIT purchasing and manufacturing system and is using backflush accounting for its cost flows. It currently uses a two-trigger approach with the purchase of materials as the first trigge point and the completion of goods as the second trigger point. During the month of June, Potter had the following transactions: Raw materials purchased $245,000 Direct labor cost 41,500 Overhead cost 207,500 Corwersion cost applied 269.750 $41.500 labor plus $225,250 overhead. There were no beginning or ending inventories. All goods produced were sold with a 60 percent markup. Any variance is closed to cost of Goods Sold. (Variances are recognized monthly.) Required: 1. Prepare the journal entries that would have been made using a traditional accounting proach for cost flows. Make your entries in the following order: (a) purchase of raw materials, (D) issuance of materiais te production, concurrence of direct labor com, (f) incurrence of overhead cast, (e)splication of overhead to production (1) completion of goods, (e) cost of sales, revenue from sales, and (1) recognition of the variance between polied and actual production costs. Materials Inventory Accounts Payable Work-in-Process Inventory Materials inventory 1 Work in Process Inventory Wees Payable Overhead Control Account Payee Work Procesory Overhead Control Previous Sunt for Grade wages Payaare 2015 Overhead Control Accounts Payable 207,500 Work-in-Process Inventory Overhead Control 22 SIT 4. Finished Goods Inventory Work-in-Process Inventory 51470 9. Cost of Goods Sold Finished Goods Inventory h. Accounts Receivable Sales Revenue 1 Overhead Control Cost of Goods Sold of raw materials incurrence of director and overhead costs, completion of goods. In cont of alles, was revance, and on recognition of the variance between applied and actual production costs Raw Materia di proces inventory Accounts Payable Previous Sunt Assige for Grading 2 Progether or a purchase 2. Prepare the journal entries for the month using backflush costing. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare your entries in the following order: (a) purchase of raw materials, (b) incurrence of direct labor and overhead costs, (e) completion of goods, () cost of sales() sales revence, and recognition of the variance between applied and actual production costs. Raw Materials and in Process Inventory 245.000 Accounts Payable b. Conversion Cost Control Accounts Payable Wages Payable Finished Goods Inventory Conversion Cost Control Raw Materials and in Process Inventory II I III III III LII III d. Cost of Goods Sold Finished Goods Inventory Accounts Receivable Sales Revenge 1. Converse Cool Control Coat of Goods Sold Backflush versus Traditional Costing: Variation 1 Potter Company has instaled a JIT purchasing and manufacturing system and is using backflush accounting for its cost flows. It currently uses a two-trigger approach with the purchase of materials as the first trigger point and the completion of goods as the second trigger point. During the month of June, Potter had the following transactions: Raw materials purchased $245,000 Director Cost 41.500 Overhead cost 207,500 Conversion cost apoled 269,750" $41.500 labor plus 5225,250 overhead. There were no beginning or ending inventories. All goods produced were sold with a 60 percent markup. Any variance is closed to cost of Goods Sold. (Variances are recognized monthly.) Required: 1. Prepare the joumal entries that would have been made using a traditional accounting approach for comfows. Make your entries in the following order: (a) purchase of raw materials. (b) lesuance of materials to production, () incurrence of direct labor cost. (incurrence of overhead cos (application of overhead to production, completion of goods (e) cost of sales, (h) revenue from sales, and recognition of the variance between applied and actual production costs Materials twentory Accounts Payable . b. Work Process Inventory Materials inventory 3. 41 twork Process Inventory Wages Payable 41,500 d. Overhead Control 2015 27.500 Worki Procesory Previous 10 ty 0 0 Work-in-Process Inventory 228.250 Overhead Control 2211 514.750 tFinished Goods Inventory Work-in-Process Inventory 514.750 9 21.400 X Cost of Goods Sold Finished Goods Inventory h. Accounts Receivable Sales Revenue Overhead Control Cost of Goods Sold Checy w 1. See Cornerstone 11.5. 2. Prepare the yournal entries for the month wing backflush costing for a compound transaction, an amount box does not require an entry leave blank. Prepare your entries in the following orders (al purchase of raw materials, (h) incurrence of direct labor and overhead costs, (c) completion goods, (d) cost of sales, (e) sales revenue and recognition of the variance between applied and actual production costs Raw Materials and In Process Inventory 345.00 Accounts Payable a 1. X b. Conversion Cost Control Accounts Payable Wages Payable Previous Check my work Save and Subtige for Grade 110 div u TO 1. See Cornerstone 11.5 2. Prepare the journal entries for the month using backflush costing. For a compound transaction, an amount box does not require an entry, leave it blank. Prepare your entries in the following order: (a) purchase of raw materials, (b) incurrence of direct labor and overhead costs, (c) completion of goods, (d) cost of sales, ()sales revenue, and () recognition of the variance between appiled and actual production costs. Raw Materials and In Process Inventory Accounts Payable b. Conversion Cost Control Accounts Payable Wages Payable c Finished Goods Inventory Conversion Cost Control Raw Materials and In Process Inventory II D III III O O O JII III d. Cost of Goods Sold Finished Goods Inventory . Accounts Receivable Sales Reven 1. Conversion Cost Control Cost of Goods Sold Previous 10 sty