Answered step by step
Verified Expert Solution
Question
1 Approved Answer
question 1-4 already solved, need some help with question 5, thanks Rawr is a manufacturer of dehydrated cat treats located in Oakland, CA. The company
question 1-4 already solved, need some help with question 5, thanks
Rawr is a manufacturer of dehydrated cat treats located in Oakland, CA. The company has two production processes: Dehydrating and Packaging. October 1 inventory balances are as follows: Raw Materials $800; Work in Process - Dehydrating $200; Work in Process -Packaging $300; Finished Goods S500; and Cost of Goods Sold $1,500. The company incurs $5,000 of factory labor costs and incurs overhead costs of $1,800 during the month. The Dehydrating department requisitioned $400 of materials and the Packaging department requisition $100 of materials in the month. Time tickets indicate that the Dehydrating department used 60% of the total labor costs. Manufacturing overhead is assigned to departments on the basis of 40% of labor costs. Requirement 1: Prepare the journal entry to assign the material costs for both departments. Accounts & Explanations Debit Credit Oct 31 Date Requirement 2: Prepare the journal entry to assign the factory labor costs for both departments Date Accounts & Explanations Debit Oct 31 Credit Requirement 3: Prepare the journal entry to assign the overhead costs for both departments. Date Accounts & Explanations Debit Oct. 31 Credit Requirement : Prepare the journal entry to clear any remaining balance from Manufacturing Overhead, Date Accounts & Explanations Debit Credit Oct. 31 Requirement 5: Using the information provided, and from your calculations in items 1-4 determine the ending balances for the company's manufacturing accounts. Journal Entries for part of requirement 0. @ 4 Date Account Title Credit Oct 31 Work in process - Dehydrating Work in process - Packaging Raw material Inventory Debit $ 400 100 500 Oct 31 Work in process - Dehydrating (5000 x 60%) Work in process - Packaging 3,000 2,000 5,000 Factory labour 1200 Oct 31 Work in process- Dehydrating (3,000 x 400 Work in process - packaging (2000 x UO 22 Manufacturing Overhead 800 2,000 1800 2000 Actual Overhead Applied Overhead underapplied / coverapplied) Overhead 11200) overapplied 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