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not graded please help me and explain this to me with instructions, and formulas. Cost Flows Through Journal Entries The Mixing Department performs a series

not graded please help me and explain this to me with instructions, and formulas.

Cost Flows Through Journal Entries

The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $243,200 of direct labor costs. The manufacturing overhead rate is 150% of direct labor costs. Beginning work in process was $851,200, and ending work in process totaled $129,200. One- half of this period's completed products is sold on account at a price equal to 160% of its cost.

Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production.

General Journal
Ref. Description Debit Credit
(1) AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

To record direct labor costs.
AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

To record manufacturing overhead.
(2) AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

To record completed production
(3) AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

To record cost of goods sold.
AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales

Answer

Answer

To record this period's sales.

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