Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all parts & show work 1. 2. 3. Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The

please answer all parts & show work
image text in transcribed
image text in transcribed
1. 2. 3. Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month of operations. Purchased $301,000 of raw materials. Issued raw materials for production: Mixing $211.000 and Packaging $46,000 Incurred labor costs of $280,900, Used factory labor: Mixing $183,500 and Packaging $97,400. 5. Incurred $812,000 of manufacturing overhead. Applied manufacturing overhead on the basis of S22 per machine hour, Machine hours were 29,000 in Mixing and 7,000 in Packaging 7. Transferred 46,000 units from Mixing to Packaging at a cost of $980,000, 8. Transferred 54,000 units from Packaging to Finished Goods at a cost of $1,316,000. 9. Sold goods costing $1,211,000 4. 6. Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the number c.8. 45 or parentheses e 8 (45).) Raw Materials Inventory $ MANUFACTURING COSTS Factory Labor $ Manufacturing Overhead Mixli 1 $ 2 3 4 5. 6. 7. 8. Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month of operations. 1. 2 3 4 5 Purchased $301.000 of raw materials. Issued raw materials for production: Mixing $211.000 and Packaging $46,000. incurred labor costs of $280,900. Used factory labor: Mixing $183,500 and Packaging $97,400. incurred $812,000 of manufacturing overhead. Applied manufacturing overhead on the basis of $22 per machine hour, Machine hours were 29,000 in Mixing and 7.000 in Packaging Transferred 46,000 units from Mixing to Packaging at a cost of $980,000. Transferred 54,000 units from Packaging to Finished Goods at a cost of $1 316,000. Sold goods costing $1,211,000. 6. 9. Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the number e.8. -45 or parentheses e.. (45).) WORK IN PROCESS FINISHED GOODS Mixing Packaging INVENTORY GOODS SOLD COST OF $ $ $

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

Modern Advanced Accounting In Canada

Authors: Hilton Murray, Herauf Darrell

7th Edition

1259066487, 978-1259066481

Students also viewed these Accounting questions