Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Company manufacturin its product. Vitadrink, through two manufacturing processes: Mixing and Packaging All materials are extered at the beginning of each process. On

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Pharoah Company manufacturin its product. Vitadrink, through two manufacturing processes: Mixing and Packaging All materials are extered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $29,120, Work in Pro Mixing 50. Work in Process-Packaging $280,000, and Finished Goods $323680. The beginning inventory for Packaging consisted of 11.200 units that were 50% complete as to conversion costs and fully complete as to materials. During October 56.000 units were started into production in the Mixing Department and the following transactions were completed 1 Purchased $336,000 of raw materials on account 2 hued direct materials for production Mixing $235,200 and Packaging $50,400 3. Incurred labor costs of $312.368. (Use Wages Payable 4 Used factory labor: Mixing $204-400 and Packaging $107.96 5. Incurred $907,200 of manufacturing overhead an account. 6 Applied manufacturing overhead on the basis of $23 per machine hour Machine hours were 31.360 in Mixing and 6.720 in Packaging 7 Transferred 50,400 units from Mising to Packaging at a cost of $1.096.480 Completed and transferred 59,360 units from Packaging to Finished Goods at a cost of $1,472,800 Sold goods costing $1,796,480 for $2.800.000 on account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems The Processes and Controls

Authors: Leslie Turner, Andrea Weickgenannt

2nd edition

9781118473030, 1118162307, 1118473035, 978-1118162309

More Books

Students also viewed these Accounting questions

Question

What strategies distinguish the different types of food retailers?

Answered: 1 week ago