Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 12 of 13 -11 View Policies Current Attempt in Progress Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging.

image text in transcribed
Question 12 of 13 -11 View Policies Current Attempt in Progress Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2020, inventories consisted of Raw Materials $27,300, Work in Process-Mixing $0, Work in Process- Packaging $253,000, and Finished Goods $295,000. The beginning inventory for Packaging consisted of 14,900 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 52,200 units were started into production in the Mixing Department and the following transactions were completed. 1 2. 3. 4. 5. Purchased $301,000 of raw materials on account Issued raw materials for production: Mixing $213,200 and Packaging $47,300. Incurred labor costs of $286,700. Used factory labor: Mixing $187,300 and Packaging $99,400. Incurred $1,033,500 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $25 per machine hour. Machine hours were 30,800 in Mixing and 9,000 in Packaging Transferred 46,200 units from Mixing to Packaging at a cost of $982,000. Transferred 57,800 units from Packaging to Finished Goods at a cost of $1,316,000. Sold goods costing $1.645,000 for $2,502,000 on account. 6 7 8 9 Journalize the October transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually Debit No. Account Titles and Explanation 1. Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Telecourse Guide For Accounting In Action Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen

9th Edition

0072386533, 978-0072386530

More Books

Students also viewed these Accounting questions

Question

How do books become world of wonder?

Answered: 1 week ago