The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $243,200 of direct labor costs. The manufacturing overhead rate is 150% of direct labor costs. Beginning work in process was $851,200, and ending work in process totaled $129,200. One- half of this period's completed products is sold on account at a price equal to 160% of its cost.   Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production.   General Journal Ref. Description Debit Credit (1) Answer   Answer   Answer     Answer   Answer   Answer     To record direct labor costs.       Answer   Answer   Answer     Answer   Answer   Answer     To record manufacturing overhead.     (2) Answer   Answer   Answer     Answer   Answer   Answer     To record completed production     (3) Answer   Answer   Answer     Answer   Answer   Answer     To record cost of goods sold.       Answer   Answer   Answer     Answer   Answer   Answer     To record this period's sales

Ocess The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials placed in process at the beginning of production. Work In Process-Assembly Department Bal., 2,000 units, 25% completed 5,100 To Finished Goods, 46,000 units Direct materials, 47,000 units @ $1.7 79,900 Direct labor 126,400 Factory overhead 49,165 Bal., 2 units, 65% completed Cost per equivalent units of $1.70 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 24 1. Cost of beginning work in process inventory completed this period %24 2. Cost of units transferred to finished goods during the period %24 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest $ cent.)

Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…

Cornerstones of Cost Management 4th Ed. - Chapter 4   Scenario II: Goodmark Company produces two types of birthday cards: scented and regular. Goodmark uses the Overhead Control account to accumulate both actual and applied overhead. The company has the following data for the past year: Actual overhead   $760,000 Sales   $3,500,000 Materials used   $1,100,000 Applied Overhead (in each account):     Work in process   $72,000 Finished goods   216,000 Cost of goods sold   432,000 Required: 1. Calculate the overhead variance for the year and label it under- or overapplied.   Overhead variance: $ ________ (underpaid or overpaid) 2. Assuming the variance is not material, the following closing entry would be made:   Debit _________  for $___________ and credit _______  for $ __________ 3. If the overhead variance is material, indicate how much of the variance would be  __________ to each of the following accounts (if an amount is zero, enter "0"):   Work in…