Question
The following table of cost information is available for the Messier Company for the month of November: Goods in Process Inventory Mixing Goods in Process
The following table of cost information is available for the Messier Company for the month of November:
| Goods in Process Inventory Mixing | Goods in Process Inventory Molding | Finished Goods Inventory |
Beginning Inventory..................... | $12,000 | $15,000 | $24,000 |
Costs incurred: |
|
|
|
Direct materials........................ | 22,000 | 14,000 |
|
Direct labor.............................. | 32,000 | 17,000 |
|
Overhead applied..................... | 47,000 | 24,500 |
|
Costs transferred out................ | (100,000) | (152,000) |
|
Costs transferred in.................. |
| 100,000 | 152,000 |
Cost of goods sold |
|
| (149,000) |
Ending inventory.......................... | 13,000 | 18,500 | 27,000 |
Based on the table of cost information above, prepare the general journal entry required to record the: a. Transfer of goods from the molding department to the finished goods inventory. b. Cost of goods sold for November.
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