Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 1 of 4 > - /25 15 View Policies Current Attempt in Progress Blossom Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing
Question 1 of 4 > - /25 15 View Policies Current Attempt in Progress Blossom Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. The following transactions were completed during October, the company's first month of operations. 1 Purchased $301,000 of raw materials. 2. Issued raw materials for production: Mixing $211,000 and Packaging $46.000. 3 Incurred labor costs of $280.900. 4 Used factory labor: Mixing $183,500 and Packaging $97,400. 5. Incurred $812,000 of manufacturing overhead. Applied manufacturing overhead on the basis of $22 per machine hour. Machine hours were 29.000 in Mixing and 7,000 in Packaging 6. 7. Transferred 46,000 units from Mixing to Packaging at a cost of $980,000. 8. Transferred 54,000 units from Packaging to Finished Goods at a cost of $1,316,000. 9. Sold goods costing $1,211,000. Record the October transactions using the following format. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MANUFACTURING COSTS Raw Materials Inventory Factory Labor Manufacturing Overhead 1 Direct Question 1 of 4 -/25 III MANUFACTURING COSTS Raw Materials Inventory Factory Labor Manufacturing Overhead 1. Direct materials purchased $ $ $ $ 2. Direct materials used 3. Factory labor incurred 4. Factory labor assigned 5. Manufacturing overhead incurred nu nu nun 6. Manufacturing Overhead assigned 7. Transfer from Mixing to Packaging 8. Transfer from Packaging to Finished Goods 9. Record Cost of Goods Sold Question 1 of 4 - / 25 III WORK IN PROCESS FINISHED GOODS INVENTORY COST OF GOODS SOLD Mixing Packaging $ $ $ $
Step 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