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Please answer so that half the answer isnt cut off! Thank you! Entries for Process Cost System Preston a Grover Soap Company manufactures powdered detergent.
Please answer so that half the answer isnt cut off! Thank you!
Entries for Process Cost System Preston a Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On July 1, Preston & Grover Soap Company had the following inventories: Finished Goods $15,740 Work in Process Making 6,120 Work in Process-Packing 7,970 Materials 3,460 Departmental accounts are maintained for factory overhoed, which both have zero balances on July 1. Manufacturing operations for July are summarized as follows: - Materials purchased on account $196,100 b. Materials requisitioned for use Phosphate-Maling Department $129.540 Packaging-Packing Department 45,060 Indirect materials-- Making Department 5,070 Inidirect materials --Packing Department 1,020 Labor used: Direct labor-Maling Department 593.540 Direct labor-Padong Department 63,450 Indirect labor-Making Department 17-930 c. Labor used: Direct labor-Making Department $92,540 Direct labor-Packing Department 62,460 Indirect labor-Making Department 17,920 Indirect labor-Packing Department 32,130 d. Depreciation charged on fixed assets: Making Department $16,900 Packing Department 13,950 e. Expired prepaid factory insurance: Making Department $3,200 Packing Department 1,280 F. Applied factory overhead: Making Department $44,160 Packing Department 48,790 9. Production costs transferred from Making Department to Packing Department $267,010 h. Production costs transferred from Packing Department to Finished Goods $420,220 1. Cost of goods sold during the period $421,760 Required: 1. Journalize the entries to record the operations. If an amount box does not require an entry leave it blank Item Account Debit Credit a. IIIII TII III e. 'P 9 II VIII III III MINIO 9. II h. 2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process --Packing Department Finished Goods 3. Compute the July 31 balances of the factory overhead accounts. Factory Overhead-Making Department Factory Overhead-Packing Department Step by Step Solution
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