Show Me How asic Cost Flows Instructions Chart of Accounts Transferred Costa Journal Instructions Gardner Company produces 16-ounce boxes of a wheat coreal in three departments: mixing, cooking, and packaging. During August, Gardner prodwood 100.000 boxes with me following conten: Direct material Mixing Cooking Packaging Department Department Department $412,500 5187,700 $164,200 50,200 37,800 90,000 74.100 41.750 116,000 Direct labor Applied overhond Required: 1. Calculate the costs transferred out of each department 2. Prepare journal entries that reflect these cost transfers. Instructions Chart of Accounts CHART OF ACCOUNTS Gardner Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 130 Raw Materials EXPENSES 142 Work in Process-Cooking 510 Cost of Goods Sold 143 Work in Process-Mixing 144 Work in Process-Packaging 150 Overhead Control 520 Insurance Expense 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 160 Finished Goods Instructions Chart of Accounts 160 Finished Goods 180 Accumulated Depreciation 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expenuh LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained Earnings DOSI Instructions Chart of Accounts Transferred Costs Journal Instructions Chart of Accounts Transferred Costs 1. Calculate the costs transferred out of each department. (a) Costs transferred out of the Mixing Department: S (b) Costs transferred out of the Cooking Department: $ (C) Costs transferred out of the Packaging Department: $ Instructions Chart of Accounts Transferred Costs Journal 2. Prepare journal entries on Aug. 31 that reflect these cost transfers. Refer to the Chart of Accounts for the exact wording of account titles PAGE 15 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF DEBIT CREDIT 1 2