Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: Direct materials85,200Direct labor25,000Manufacturing overhead applied40,110Total cost to account for in January150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020. DateDebitCreditDbCr b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020. DateDebitCreditDbCr

Journal Entry to transfer cost to WIP includes A debit to WIP a/c and credit to such expenses.…

Answered: Process costing is used. All of the…

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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Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January:

Direct materials	85,200
Direct labor	25,000
Manufacturing overhead applied	40,110
Total cost to account for in January	150,310

a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020.

Date	Debit	Credit	Db	Cr

b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020.

Date

Debit

Credit

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