During August, the following transactions were recorded at Goyer Corporation. The company uses process costing.(1) Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials.(2) Direct labor costs of $29,000 are incurred, but not yet paid, in the Assembly Department.(3) Manufacturing overhead of $58,900 is applied in the Assembly Department using the department's predetermined overhead rate.(4) Units with a carrying cost of $101,200 finish processing in the Assembly Department and are transferred to the Painting Department for further processing.(5) Units with a carrying cost of $106,100 finish processing in the Painting Department, the final step in the production process, and are
transferred to the finished goods warehouse.(6) Finished goods with a carrying cost of $95,100 are sold.Required:Prepare journal entries for each of the transactions listed above.
What will be an ideal response?
| (1) | Work in Process-Assembly Department | $ | 24,500 | ||
| Raw Materials | $ | 24,500 | |||
| (2) | Work in Process-Assembly Department | $ | 29,000 | ||
| Salaries and Wages Payable | $ | 29,000 | |||
| (3) | Work in Process-Assembly Department | $ | 58,900 | ||
| Manufacturing Overhead | $ | 58,900 | |||
| (4) | Work in Process-Painting Department | $ | 101,200 | ||
| Work in Process-Assembly Department | $ | 101,200 | |||
| (5) | Finished Goods | $ | 106,100 | ||
| Work in Process-Painting Department | $ | 106,100 | |||
| (6) | Cost of Goods Sold | $ | 95,100 | ||
| Finished Goods | $ | 95,100 | |||
You might also like to view...
A bill of activities may be used to calculate the product unit costs only for manufacturing concerns but not for service units
Indicate whether the statement is true or false
Which extrinsic reward incorporates the positive aspect that employees are more flexible and productive, but the negative aspect that employees may max out their skill levels, which means they cannot receive any additional pay increases unless they change jobs?
a. Skill–based pay b. Job content-based pay c. Performance-based pay d. Seniority-based pay
In an assignment problem:
A) one agent can do parts of several tasks. B) one task can be done by only one agent. C) each agent is assigned to its own best task. D) several agents can do parts of one task.
Which of the following is true regarding noncompliance with the statute of frauds?
a. The basic legal effect under the statute of frauds and the UCC differs. b. The statute of frauds applies to executed and executory contracts. c. A party to a contract which was unenforceable because of the statute of frauds but who relied upon the contract may recover in restitution the benefits he conferred on the other party. d. The doctrine of promissory estoppel cannot displace the requirement of a writing under a statute of frauds.