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 (1) Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department.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 | ||
| Manufacturing Overhead | $ | 106,100 | |||
| (6) | Cost of Goods Sold | $ | 95,100 | ||
| Work in Process-Assembly Department | $ | 95,100 | |||
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