FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sharpe Company makes organic salsa in two production departments, Cooking and Bottling. Direct materials costs are added at the
beginning of each process, and conversion costs are added evenly throughout each process. The company reports the following for a
recent month.
Beginning work in process inventory
Activity during the month
Direct materials
Direct labor
Overhead applied
Costs transferred from Cooking to Bottling
Costs transferred from Bottling to finished goods
View transaction list
Journal entry worksheet
<
2 3
1. Prepare journal entries to record (a) direct materials used. (b) direct labor, and (c) overhead applied.
2. Prepare journal entries to record the costs transferred from (a) Cooking to Bottling and (b) Bottling to Finished Goods.
3. Use T-accounts to compute (a) the ending balance of Work in Process Inventory-Cooking and (b) the ending balance of Work In
Process Inventory-Bottling.
Complete this question by entering your answers in the tabs below.
1
Record direct materials used in production.
Required 1 Required 2
Required 3
Prepare journal entries to record (a) direct materials used, (b) direct labor, and (c) overhead applied.
Note: Enter debits before credits.
Transaction
a.
Record entry
Cooking
General Journal
$ 19,300
13,300
16,300
Clear entry
< Required 1
Bottling
$ 6,800
$ 9,500
8,100
9,800
$ 43,300
68,300
Debit
Credit
View general Journal
Required 2 >
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Transcribed Image Text:Sharpe Company makes organic salsa in two production departments, Cooking and Bottling. Direct materials costs are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company reports the following for a recent month. Beginning work in process inventory Activity during the month Direct materials Direct labor Overhead applied Costs transferred from Cooking to Bottling Costs transferred from Bottling to finished goods View transaction list Journal entry worksheet < 2 3 1. Prepare journal entries to record (a) direct materials used. (b) direct labor, and (c) overhead applied. 2. Prepare journal entries to record the costs transferred from (a) Cooking to Bottling and (b) Bottling to Finished Goods. 3. Use T-accounts to compute (a) the ending balance of Work in Process Inventory-Cooking and (b) the ending balance of Work In Process Inventory-Bottling. Complete this question by entering your answers in the tabs below. 1 Record direct materials used in production. Required 1 Required 2 Required 3 Prepare journal entries to record (a) direct materials used, (b) direct labor, and (c) overhead applied. Note: Enter debits before credits. Transaction a. Record entry Cooking General Journal $ 19,300 13,300 16,300 Clear entry < Required 1 Bottling $ 6,800 $ 9,500 8,100 9,800 $ 43,300 68,300 Debit Credit View general Journal Required 2 >
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