FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Unit v question 16

5, 2. 3, 2. 3. 寸 5. 6. 8. Wildhorse Company manufactures its product, Vitadrink, throughtwo manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October1, 2022, inventories consisted of Raw Materials $33,800, Work in Process- Mixing $0, Work in Process-Packaging $325,000, and Finished Goods $375,700. 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, 65,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $390,000 of raw materials on account. Issued direct materials for production: Mixing $273,000 and Packaging $58,500. Incurred labor costs of $362,570. (Use Wages Payable.) Used factory labor: Mixing $237,250 and Packaging 5125,320. 4. Incurred $1,053,000 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 36,400 in Mixing and 7,800 in Packaging Transferred 58,500 units from Mixing to Packaging at a cost of $1,272,700. 7. Completed and transferred 68,900 units from Packaging to Finished Goods at a cost of $1,709,500. 9. Sold goods costing $2,085,200 for $3,250,000 on account. Journalize the October transactions. (List all debit entries before credit.entries. Credit account titles are autormatically indented when amount isentered, Do not indent manually) No. Account Titles and Explanation Debit रार्यD 1. 4.
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Transcribed Image Text:5, 2. 3, 2. 3. 寸 5. 6. 8. Wildhorse Company manufactures its product, Vitadrink, throughtwo manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October1, 2022, inventories consisted of Raw Materials $33,800, Work in Process- Mixing $0, Work in Process-Packaging $325,000, and Finished Goods $375,700. 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, 65,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $390,000 of raw materials on account. Issued direct materials for production: Mixing $273,000 and Packaging $58,500. Incurred labor costs of $362,570. (Use Wages Payable.) Used factory labor: Mixing $237,250 and Packaging 5125,320. 4. Incurred $1,053,000 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine hour. Machine hours were 36,400 in Mixing and 7,800 in Packaging Transferred 58,500 units from Mixing to Packaging at a cost of $1,272,700. 7. Completed and transferred 68,900 units from Packaging to Finished Goods at a cost of $1,709,500. 9. Sold goods costing $2,085,200 for $3,250,000 on account. Journalize the October transactions. (List all debit entries before credit.entries. Credit account titles are autormatically indented when amount isentered, Do not indent manually) No. Account Titles and Explanation Debit रार्यD 1. 4.
No. Account Tdes and Explanation Debit 4. 6. (To record the sale) (To record the cost of goods sold)
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Transcribed Image Text:No. Account Tdes and Explanation Debit 4. 6. (To record the sale) (To record the cost of goods sold)
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