Question
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 | |||
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Ref. | Description | Debit | Credit |
(1) | AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
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| Answer
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AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
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| Answer
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To record direct labor costs. | |||
AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
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| Answer
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AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
| Answer
| Answer
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To record manufacturing overhead. | |||
(2) | AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
| Answer
| Answer
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AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
| Answer
| Answer
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To record completed production | |||
(3) | AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
| Answer
| Answer
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AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
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| Answer
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To record cost of goods sold. | |||
AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
| Answer
| Answer
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AnswerAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadWages payableWork in process-Mixing DepartmentSales
| Answer
| Answer
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To record this period's sales. |
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