Question

Journal Entries Shorts Company has three process departments: Mixing, Encapsulating, and Bottling. At the beginning of...

  1. Journal Entries

    Shorts Company has three process departments: Mixing, Encapsulating, and Bottling. At the beginning of the year, there were no work-in-process or finished goods inventories. The following data are available for the month of July:


    Department    		 Manufacturing
    Costs Added*    		 Ending Work in
    Process
    Mixing $87,500 $21,320
    Encapsulating 75,570 19,810
    Bottling 72,470 4,320

    *Includes only the direct materials, direct labor, and the overhead used to process the partially finished goods received from the prior department. The transferred-in cost is not included.

    Required:

    1. Prepare journal entries that show the transfer of costs (a) from Mixing to Encapsulating, (b) from Encapsulating to Bottling, and (c) from Bottling to finished goods inventory.

    a.
    b.
    c.

    2. Post the entries made in Requirement 1 into the T-accounts below. The costs added from the data provided have been entered in the T-accounts.

    WIP—Mixing
       87,500
    21,320
    WIP—Encapsulating
       75,570
    19,810
    WIP—Bottling
       72,470
    4,320
    Finished Goods
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The Thirsty Co. manufacutres a soft drink that goes through two proesses: Mixing and bottling. All...
The Thirsty Co. manufacutres a soft drink that goes through two proesses: Mixing and bottling. All manufacturing costs are added through the mixing departments. Information for the mixing department in July is WIP Units (55% complete) 6000 Direct Materials 35000 Direct Labour 42000 Overhead 12000 During July, 32000 units are finished and sent to bottling Costs incurred at mixing Dept. Direct Materials 120000 Diract Labour 160000 Overhead 50000 End of July 3000 units 75% done are in mixing. Thirsty Co....
Journal Entries: Prepare journal entries for the month of March to record the below transactions (make...
Journal Entries: Prepare journal entries for the month of March to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). Raw materials purchases (on credit). Assume the firm purchased $282,000 worth of raw materials in March. Direct materials used in production: Mixing Department: $250,000; Packaging Department: $16,500. Direct labor used in production (assume not paid in Cash, use the Factory Wages Payable account for the credit): Mixing Department: $60,000;...
1) Story Manufacturing produces a chemical pesticide and uses process costing. There are three processing departments—Mixing,...
1) Story Manufacturing produces a chemical pesticide and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had a zero beginning balance. During January, 42,000 gallons of chemicals were started into production. During the month, 34,000 gallons were completed, and 8,000 remained in process, partially completed. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly through the process. During January,...
Chill SpringsChill Springs produces premium bottled water. In the Bottling? Department, workers bottle the filtered water...
Chill SpringsChill Springs produces premium bottled water. In the Bottling? Department, workers bottle the filtered water and pack the bottles into boxes. Conversion costs are incurred evenly throughout the bottling? process, but packaging materials are not added until the end of the process. February data from the Bottling Department? follow: Costs in beginning work Costs added in process inventory during February Transferred in $980 Transferred in* $133,000 Direct materials 0 Direct materials 32,130 Direct labour 620 Direct labour 33,200 Manufacturing...
PART B – Journal Entries:  Prepare journal entries for the month of March to record the below...
PART B – Journal Entries:  Prepare journal entries for the month of March to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). Raw materials purchases (on credit).  Assume the firm purchased $282,000 worth of raw materials in March. Direct materials used in production:  Mixing Department: $250,000;  Packaging Department: $16,500. Direct labor used in production (assume not paid in Cash, use the Factory Wages Payable account for the credit):  Mixing Department: $60,000;  Packaging Department:  $31,800. Overhead...
Process Costing Journal Entries. Assume a company has two processing departments—Molding and Packaging. Transactions for the...
Process Costing Journal Entries. Assume a company has two processing departments—Molding and Packaging. Transactions for the month are shown as follows. 1. The Molding department requisitioned direct materials totaling $2,000 to be used in production. 2. Direct labor costs totaling $3,500 were incurred in the Molding department, to be paid the next month. 3. Manufacturing overhead costs applied to products in the Molding department totaled $2,500. 4. The cost of goods transferred from the Molding department to the Packaging department...
Monette Chemicals has a mixing department and a refining department. Its​ process-costing system in the mixing...
Monette Chemicals has a mixing department and a refining department. Its​ process-costing system in the mixing department has two direct materials cost categories​ (chemical P and chemical​ Q) and one conversion costs pool. The following data pertain to the mixing department for July 2014​: ​(Click the icon to view the mixing department​ data.)Chemical P is introduced at the start of operations in the mixing​ department, and chemical Q is added when the product is 70% completed in the mixing department....
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential processes, mixing and freezing. It uses process costing to account for production costs during each period. The following is information obtained from the source documents for Utopia Co. for the month of December: Raw materials purchased (direct and indirect) $208,200 Raw materials inventory (direct and indirect), beginning balance $45,600 Direct materials used – Mixing Department $95,200 Direct materials used – Freezing Department $89,700 Direct...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential processes, mixing and freezing. It uses process costing to account for production costs during each period. The following is information obtained from the source documents for Utopia Co. for the month of December: Raw materials purchased (direct and indirect) $208,200 Raw materials inventory (direct and indirect), beginning balance $45,600 Direct materials used – Mixing Department $95,200 Direct materials used – Freezing Department $89,700 Direct...
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel...
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $593,800 from the Casting Department. The conversion cost for the period in the Rolling Department is $113,900 ($65,600 factory overhead applied and $48,300 direct labor). The total cost transferred to Finished Goods for the period was $666,400. The Rolling Department had a beginning inventory of $25,400. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT