Answered: During the month of August, $582,000 of…

Name: During the month of August, $582,000 of costs were transferred from th
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: During the month of August, $582,000 of costs were transferred from the Mixing Department to the Baking Department. The journal entry to summarize the transfer of these costs includes:

Business

Accounting

During the month of August, $582,000 of costs were transferred from the Mixing Department to the Baking Department. The journal entry to summarize the transfer of these costs includes

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PB: During March, the following costs were charged to the manufacturing department: $22,500 for...

See similar textbooks

Similar questions

The cost of materials transferred into the Bottling Department of Mountain Springs Water Company is $32,400, with $26,000 from the Purifying Department, plus an additional $6,400 from the materials storeroom. The conversion cost for the period in the Bottling Department is $8,750 ($3,750 factory applied and $5,000 direct labor). The total cost transferred to finished goods for the period was $31,980. The Bottling Department had a beginning inventory of $1,860. a. Journalize (1) the cost of transferred-in materials (2) conversion costs, and (3) the cost transferred out to finished goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process—Bottling at the end of the period.
M Company must transfer the costs of completed gallons of house paint from the Mixing Department to the Finishing Department at month end. The amount being transferred is $2,136,750. Required: Prepare journal entry to record this transaction
The cost of materials transferred into the Filling Department of Eve Cosmetics Company is $20,000, including $14,000 from the Blending Department and $6,000 from the materials storeroom. The conversion cost for the period in the Filling Department is $4,560 ($1,600 factory overhead applied and $2,960 direct labor). The total cost transferred to Finished Goods for the period was $22,960. The Filling Department had a beginninginventory of $1,800.a. Journalize (1) the cost of transferred-in materials, (2) conversion costs, and (3) the costs transferred out to Finished Goods.b. Determine the balance of Work in Process—Filling at the end of the period.
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials. Attachment a. Determine the number of units transferred to the next department.b. Determine the costs per equivalent unit of direct materials and conversion.c. Determine the cost of units started and completed in November.
In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $544,900. The conversion cost for the period in the Rolling Department is $116,900 ($68,900 factory overhead applied and $48,000 direct labor). The total cost transferred to Finished Goods for the period was $590,000. The Rolling Department had a beginning inventory of $26,500. a1. Journalize the cost of transferred-in materials. fill in the blank 16e838059fb9033_2 fill in the blank 16e838059fb9033_4 a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. fill in the blank a2acba089f98fcb_2 fill in the blank a2acba089f98fcb_3 fill in the blank a2acba089f98fcb_5 fill in the blank a2acba089f98fcb_6 fill in the blank a2acba089f98fcb_8 fill in the blank a2acba089f98fcb_9 a3. Journalize the costs transferred out to Finished Goods. fill in the…
During the month of March, 2018 the following costs were incurred in department No. 2 of MianPaints Industry: Materials cost Rs.9,000, Labour cost Rs.4,250, F.O.H cost Rs : 5,100.During the month 20,000 units with a total cost of Rs.38,000 were transferred into department 2 fromDepartment No, 1. Of these 15,000 units were completed and transferred to department No. 3 and4,000 units were in process on 31 st March being 3/4 complete as to materials, 1/2 complete as tolabour and factory overhead.Required: A cost of production report of department 2 for the month of March, 2018.
6a) During the month of August, $582,000 of costs were transferred from the Mixing Department to the Baking Department. The journal entry to summarize the transfer of these costs includes: 6b) For the month of December, its first month of operations, the Radcliffe Corporation completed and transferred 800 units of product costing $80,000 to produce to Finished Goods Inventory. If Radcliffe sold 650 units during the same month, how much was cost of goods sold for the same period?
Lazada Inc. adds materials at the beginning of the process in department USB. Conversion costs were 70% complete as to the 9,500 work-in-process units on September 1 and 40% incomplete as to the 7,000 work-in-process units on September 30. During September, 12,000 units were completed and transferred to the next department. An analysis of the cost relating to work-in-process on September 1 and to production activity for September is as follows: Work-in-process, September 1Materials P10,000Conversion Costs P12,000Costs incurred during SeptemberMaterials P45,000Conversion Costs P60,000The total cost per equivalent unit for September under WAM is:
The Fabricating Department started the current month with a beginning Work in Process inventory of $10,300. During the month, it was assigned the following costs: direct materials, $76,300; direct labor, $24,300; and factory overhead, 70% of direct labor cost. Also, inventory with a cost of $110,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is: Multiple Choice $192,827. $110,900. $65,210. $82,327. $17,410.
Lazada Inc. adds materials at the beginning of the process in department USB. Conversion costs were 70% complete as to the 9,500 work-in-process units on September 1 and 40% incomplete as to the 7,000 work-in-process units on September 30. During September, 12,000 units were completed and transferred to the next department. An analysis of the cost relating to work-in-process on September 1 and to production activity for September is as follows: Work-in-process, September 1Materials P10,000Conversion Costs P12,000Costs incurred during SeptemberMaterials P45,000Conversion Costs P60,000The total cost per equivalent unit for September under FIFO is:
During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a: O debit to Work in Process of $79,000 O debit to Work in Process of $83,000 credit to Manufacturing Overhead of $4,000 debit to Raw Materials of $83,000
rozen Inc. adds materials at the beginning of the process in department USB. Conversion costs were 70% complete as to the 9,500 work-in-process units on September 1 and 40% incomplete as to the 7,000 work-in-process units on September 30. During September, 12,000 units were completed and transferred to the next department. An analysis of the cost relating to work-in-process on September 1 and to production activity for September is as follows: Work-in-process, September 1Materials P10,000Conversion Costs P12,000Costs incurred during SeptemberMaterials P45,000Conversion Costs P60,0001.) The total cost per equivalent unit for September under WAM is: 2.) The total cost per equivalent unit for September under FIFO is: