please help, I cant seem to solve this problem!
DROP BOXES:
1. the same/very different
2. department/individual item/batch/job
3. department/individual item/batch/job
4. is part of parallel processing costs/is part of sequential processing costs/is accumulated into single WIP account/has its own WIP account
5. record product costs in a schedule of costs/accumulate product costs in Finshed Goods/transfer product costs to the next department
Instructions In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,500 $30,900 $17.900 8,800 14,400 11,600 Direct labor Appled overhead Transferred-in cost: 8,300 60,400 11,100 From Molding 129,600 From Grinding 235,300 Total cost $129,600 $235,300 $275,900 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 journal entries differ from a job-order cost system, CHART OF ACCOUNTS Davis Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 130 Raw Materials EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained Earnings 1. Prepare the Doc 31 journal entries to transfer costs from(a) Molding to Grinding. (b) Grinding to Finishing, and (c) Fishing to Finished Goods. Hefer to the Chart of Accounts for the exact wording of account titles PAGE 1 GENERAL JOURNAL DATE ACCOUNT POSTRES DERIT CREDIT 2. CONCEPTUAL CONNECTION Explain how the joumal entries alter from a job-order cost system. The journal entries for the job-order and process conting systems are generally costing accumulates them by Job-order costing accumulates costs by while process For process couting, each department As goods are completed in each department, foumal entries are used to Instructions In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,500 $30,900 $17.900 8,800 14,400 11,600 Direct labor Appled overhead Transferred-in cost: 8,300 60,400 11,100 From Molding 129,600 From Grinding 235,300 Total cost $129,600 $235,300 $275,900 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 journal entries differ from a job-order cost system, CHART OF ACCOUNTS Davis Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 130 Raw Materials EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained Earnings 1. Prepare the Doc 31 journal entries to transfer costs from(a) Molding to Grinding. (b) Grinding to Finishing, and (c) Fishing to Finished Goods. Hefer to the Chart of Accounts for the exact wording of account titles PAGE 1 GENERAL JOURNAL DATE ACCOUNT POSTRES DERIT CREDIT 2. CONCEPTUAL CONNECTION Explain how the joumal entries alter from a job-order cost system. The journal entries for the job-order and process conting systems are generally costing accumulates them by Job-order costing accumulates costs by while process For process couting, each department As goods are completed in each department, foumal entries are used to
