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Need help with (a2) Beginning Balance, DM Added, CC Added, Ending Balance for drop down arrow In its processing of peanuts this month, Whispering added
Need help with (a2)
Beginning Balance, DM Added, CC Added, Ending Balance for drop down arrow
In its processing of peanuts this month, Whispering added $3,275 of DM from its warehouse directly into the roasting process, where there was an existing beginning WIP Inventory balance of $1,475. Whispering also incurred and accrued new DL costs of $2,875, while it applied MOH cost of $1,025 this month as well. (a1) Your answer is correct. Record the journal entries to capture (a) the addition of DM costs into this roasting process and (b) the recognition of conversion costs added into this roasting process. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Your answer is partially correct. Show the company's WIP Inventory T-account at this stage of production, before recognizing the cost of units completed. (Post entries in the order of journal entries presented in the previous part.)Step by Step Solution
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