Process Costing Journal Entries (10 points) Sanders Company has two production departments: Fabricating and Finishing. Beginning inventories are: Work in Process -- Fabricating. $6,030; Work in Process --Finishing, $4,100; and Finished Goods, S5,600. During the month the following transactions occurred: 1. Purchased $40,000 of raw materials on account. 2. Incurred $75,000 of factory labor. (credit Wages Payable) 3. Incurred $50,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. 4. Requisitioned materials for Fabricating. $10,000 and Finishing, S8,000 5. Used factory labor for Finishing. $60,000 and Fabricating. $15,000. 6. Applied $45,000 of overhead based on machine hours used in each department. The Finishing Department used twice as many machine hours as did Fabricating Instructions Journalize the transactions: DEBIT CREDIT Num ACCOUNT TITLE Process Costing Journal Entries (10 points) Sanders Company has two production departments: Fabricating and Finishing. Beginning inventories are: Work in Process-Fabricating, $6,030; Work in Process-Finishing, $4,100; and Finished Goods, $5,600. During the month the following transactions occurred: 1. Purchased $40,000 of raw materials on account. 2. Incurred $75,000 of factory labor. (credit Wages Payable) 3. Incurred $50,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. 4. Requisitioned materials for Fabricating, $10,000 and Finishing, $8,000. 5. Used factory labor for Finishing, $60,000 and Fabricating, $15,000. 6. Applied $45,000 of overhead based on machine hours used in each department. The Finishing Department used twice as many machine hours as did Fabricating. Instructions ournalize the transactions: DEBIT CREDIT ACCOUNT TITLE