Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help!! As Marigold Manufacturing produced bookshelves this month, its accountants were in contact with production managers to keep tabs on costs. The WIP Inventory-Assembly
Please help!!
As Marigold Manufacturing produced bookshelves this month, its accountants were in contact with production managers to keep tabs on costs. The WIP Inventory-Assembly account had a beginning balance as follows: DM costs of $45,700 and conversion costs of $32,600. Additional DM costs were added to this assembly department this month totaling $101,404, along with conversion costs of $52,598. Direct materials were pulled from RM Inventory, while conversion costs consisted of accrued DL costs of $37,898 and applied MOH of $14,700. During the month, 3,000 physical units were completed. Marigold uses the FIFO method of process costing and reported the following equivalent units this month. Record the journal entries to recognize (1) the transfer of DM into the assembly department and (2) the use of assembly-related conversion costs. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) List of Accounts Assistance Used Cash DM Inventory FG Inventory MOH Control No Entry RM Inventory Salaries and Wages Payable WIP Inventory WIP Inventory - Assembly WIP Inventory - Bottling WIP Inventory - Canning WIP Inventory - Machining WIP Inventory - Manufacturing WIP Inventory - Melting WIP Inventory - Mixing WIP Inventory - MoldingStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started