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 $27,700, Work in Process—Mixing $0, Work in Process—Packaging $254,200, and Finished Goods $294,200. The beginning inventory for Packaging consisted of 13,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 54,700 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $304,400 of raw materials on account. 2. Issued raw materials for production: Mixing $212,500 and Packaging $49,000. 3. Incurred labor costs of $284,300. 4. Used factory labor: Mixing $186,500 and Packaging $97,800. 5. Incurred $956,400 of manufacturing overhead on account. 6. Applied manufacturing overhead on the basis of $22 per machine hour. Machine hours were 32,700 in Mixing and 9,000 in Packaging. 7. Transferred 48,800 units from Mixing to Packaging at a cost of $980,800. 8. Transferred 57,000 units from Packaging to Finished Goods at a cost of $1,320,000. 9. Sold goods costing $1,644,000 for $2,503,000 on account. Journalize the October transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title for the first transaction enter a debit amount enter a credit amount enter an account title for the first transaction enter a debit amount enter a credit amount 2. enter an account title for the second transaction enter a debit amount enter a credit amount enter an account title for the second transaction enter a debit amount enter a credit amount enter an account title for the second transaction enter a debit amount enter a credit amount 3. enter an account title for the third transaction enter a debit amount enter a credit amount enter an account title for the third transaction enter a debit amount enter a credit amount 4. enter an account title for the fourth transaction enter a debit amount enter a credit amount enter an account title for the fourth transaction enter a debit amount enter a credit amount enter an account title for the fourth transaction enter a debit amount enter a credit amount 5. enter an account title for the fifth transaction enter a debit amount enter a credit amount enter an account title for the fifth transaction enter a debit amount enter a credit amount 6. enter an account title for the sixth transaction enter a debit amount enter a credit amount enter an account title for the sixth transaction enter a debit amount enter a credit amount enter an account title for the sixth transaction enter a debit amount enter a credit amount 7. enter an account title for the seventh transaction enter a debit amount enter a credit amount enter an account title for the seventh transaction enter a debit amount enter a credit amount 8. enter an account title for the eighth transaction enter a debit amount enter a credit amount enter an account title for the eighth transaction enter a debit amount enter a credit amount 9. enter an account title for the ninth transaction to record the sale enter a debit amount enter a credit amount enter an account title for the ninth transaction to record the sale enter a debit amount enter a credit amount (To record the sale) enter an account title for the ninth transaction to record the cost of goods sold enter a debit amount enter a credit amount enter an account title for the ninth transaction to record the cost of goods sold enter a debit amount enter a credit amount (To record the cost of goods sold)

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 $27,700, Work in Process—Mixing $0, Work in Process—Packaging $254,200, and Finished Goods $294,200. The beginning inventory for Packaging consisted of 13,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 54,700 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $304,400 of raw materials on account. 2. Issued raw materials for production: Mixing $212,500 and Packaging $49,000. 3. Incurred labor costs of $284,300. 4. Used factory labor: Mixing $186,500 and Packaging $97,800. 5. Incurred $956,400 of manufacturing overhead on account. 6. Applied manufacturing overhead on the basis of $22 per machine hour. Machine hours were 32,700 in Mixing and 9,000 in Packaging. 7. Transferred 48,800 units from Mixing to Packaging at a cost of $980,800. 8. Transferred 57,000 units from Packaging to Finished Goods at a cost of $1,320,000. 9. Sold goods costing $1,644,000 for $2,503,000 on account. Journalize the October transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title for the first transaction enter a debit amount enter a credit amount enter an account title for the first transaction enter a debit amount enter a credit amount 2. enter an account title for the second transaction enter a debit amount enter a credit amount enter an account title for the second transaction enter a debit amount enter a credit amount enter an account title for the second transaction enter a debit amount enter a credit amount 3. enter an account title for the third transaction enter a debit amount enter a credit amount enter an account title for the third transaction enter a debit amount enter a credit amount 4. enter an account title for the fourth transaction enter a debit amount enter a credit amount enter an account title for the fourth transaction enter a debit amount enter a credit amount enter an account title for the fourth transaction enter a debit amount enter a credit amount 5. enter an account title for the fifth transaction enter a debit amount enter a credit amount enter an account title for the fifth transaction enter a debit amount enter a credit amount 6. enter an account title for the sixth transaction enter a debit amount enter a credit amount enter an account title for the sixth transaction enter a debit amount enter a credit amount enter an account title for the sixth transaction enter a debit amount enter a credit amount 7. enter an account title for the seventh transaction enter a debit amount enter a credit amount enter an account title for the seventh transaction enter a debit amount enter a credit amount 8. enter an account title for the eighth transaction enter a debit amount enter a credit amount enter an account title for the eighth transaction enter a debit amount enter a credit amount 9. enter an account title for the ninth transaction to record the sale enter a debit amount enter a credit amount enter an account title for the ninth transaction to record the sale enter a debit amount enter a credit amount (To record the sale) enter an account title for the ninth transaction to record the cost of goods sold enter a debit amount enter a credit amount enter an account title for the ninth transaction to record the cost of goods sold enter a debit amount enter a credit amount (To record the cost of goods sold)

Name: Fire Out Company manufactures its product, Vitadrink, through two manu
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Description: 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 $27,700, Work in P

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.		Purchased $304,400 of raw materials on account.
2.		Issued raw materials for production: Mixing $212,500 and Packaging $49,000.
3.		Incurred labor costs of $284,300.
4.		Used factory labor: Mixing $186,500 and Packaging $97,800.
5.		Incurred $956,400 of manufacturing overhead on account.
6.		Applied manufacturing overhead on the basis of $22 per machine hour. Machine hours were 32,700 in Mixing and 9,000 in Packaging.
7.		Transferred 48,800 units from Mixing to Packaging at a cost of $980,800.
8.		Transferred 57,000 units from Packaging to Finished Goods at a cost of $1,320,000.
9.		Sold goods costing $1,644,000 for $2,503,000 on account.

Journalize the October transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title for the first transaction	enter a debit amount	enter a credit amount
	enter an account title for the first transaction	enter a debit amount	enter a credit amount
2.	enter an account title for the second transaction	enter a debit amount	enter a credit amount
	enter an account title for the second transaction	enter a debit amount	enter a credit amount
	enter an account title for the second transaction	enter a debit amount	enter a credit amount
3.	enter an account title for the third transaction	enter a debit amount	enter a credit amount
	enter an account title for the third transaction	enter a debit amount	enter a credit amount
4.	enter an account title for the fourth transaction	enter a debit amount	enter a credit amount
	enter an account title for the fourth transaction	enter a debit amount	enter a credit amount
	enter an account title for the fourth transaction	enter a debit amount	enter a credit amount
5.	enter an account title for the fifth transaction	enter a debit amount	enter a credit amount
	enter an account title for the fifth transaction	enter a debit amount	enter a credit amount
6.	enter an account title for the sixth transaction	enter a debit amount	enter a credit amount
	enter an account title for the sixth transaction	enter a debit amount	enter a credit amount
	enter an account title for the sixth transaction	enter a debit amount	enter a credit amount
7.	enter an account title for the seventh transaction	enter a debit amount	enter a credit amount
	enter an account title for the seventh transaction	enter a debit amount	enter a credit amount
8.	enter an account title for the eighth transaction	enter a debit amount	enter a credit amount
	enter an account title for the eighth transaction	enter a debit amount	enter a credit amount
9.	enter an account title for the ninth transaction to record the sale	enter a debit amount	enter a credit amount
	enter an account title for the ninth transaction to record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title for the ninth transaction to record the cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title for the ninth transaction to record the cost of goods sold	enter a debit amount	enter a credit amount
	(To record the cost of goods sold)

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