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6.2

please skip the conceptual connection part

In December, Davis Company had the following cost flows: Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding. (b) Grinding to Finishing, and (c) Finishing to Finished Goods 2. CONCEPTUAL CONNECTION: Explain how the journd entries differ from a jab-order cost system. ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 130 Raw Materials EXPENSES 142 Work in Process-Grinding 510. Cost of Goods Sold 143 Work in ProcesseMolding 520 Insurance Expense 144 Work in Process.Finishing 530 Wages Expense 150 Oveihead Control 540 Supplies Expense 160 Finished Goods 550 Uvities Expense 180 Accumulated Depreciation 560 Depreciation Expense 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilies Payabie 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained Earnings 1. Prepare the Dec. 31 joumal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Reter to the Chart of Accounts for the exact wording of account tities. 2. CONCEPTUAL CONNECTION: Explain how the joumal entries aifer from a job order cost system. - The journad entries for the job order and process costing systems are generally Job-orter conting accurrulates eosis by While process costing accumulates them by - For process costing, each department As goods are completed in each department, jourral enthes are used to In December, Davis Company had the following cost flows: Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding. (b) Grinding to Finishing, and (c) Finishing to Finished Goods 2. CONCEPTUAL CONNECTION: Explain how the journd entries differ from a jab-order cost system. ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 130 Raw Materials EXPENSES 142 Work in Process-Grinding 510. Cost of Goods Sold 143 Work in ProcesseMolding 520 Insurance Expense 144 Work in Process.Finishing 530 Wages Expense 150 Oveihead Control 540 Supplies Expense 160 Finished Goods 550 Uvities Expense 180 Accumulated Depreciation 560 Depreciation Expense 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilies Payabie 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained Earnings 1. Prepare the Dec. 31 joumal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Reter to the Chart of Accounts for the exact wording of account tities. 2. CONCEPTUAL CONNECTION: Explain how the joumal entries aifer from a job order cost system. - The journad entries for the job order and process costing systems are generally Job-orter conting accurrulates eosis by While process costing accumulates them by - For process costing, each department As goods are completed in each department, jourral enthes are used to