Question
Milton Manufacturing uses a process costing system. Products are processed successively by Department and Department Y and are then transferred to the finished goods warehouse.
Milton Manufacturing uses a process costing system. Products are processed successively by Department and Department Y and are then transferred to the finished goods warehouse. Shown below is cost information for Department Y during the month of May:
cost of work in process on may 1. 85,000
cost on units transferred in form dept. x during may 262,000
manufacturing cost added in dept. y.
direct material used. 210,000
direct labor 45,000
manufacturing overhead. 67,000. 322,000
total cost charged to dept. y as of may 31 669,000
The cost of work in process in Department Y at May 31 has been determined to be $113,500.
Process costing system-journal entries
The transfer of production from Department to Department Y. (b.) The recording of manufacturing costs incurred in Department Y during May. (Use a single journal entry.) (c.) The transfer of completed units from Department Y to the finished goods warehouse.
How to factor in the work in process in department y on may 31st?
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