show Me How Entries for Process Cost System Preston & Grover Soap Company marvta

Question

show Me How Entries for Process Cost System Preston & Grover Soap Company marvtactures powdered detergent. Phosphate-paced in process in the Making Department. where " is tumed nto granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On July 1, Preston & Grover Soap Company had the following inventories: Pinished Goods Work in Process-Making Work in Process-Packing $26,570 10,320 13,460 5,830 Departmental accounts are maintained far factory overhead, which both have zero balanoes on July 1. Manufacturing operations for July are summarized as follows a Materials purchased on account b. Materials requisitioned for use 330,910 Phosphate-Making Department $218,590 76,030 8,550 3,070 Indirect materials-Making Department Indirect materials-Packing Department C Labor used Direct labor-Making Department 156,170 105,410 Direct labor-Packing Department Check My Work for Grading MacBook Pro 5

Explanation / Answer

1) Journal Entries: Date Accounts Titles Debit $ Credit $ a Materials 330910 AP 330910 b WIP - MD 218590 WIP - PD 76030 FO - MD 8550 FO - PD 3070 Materials 306240 c WIP - MD 156170 WIP - PD 105410 FO - MD 30240 FO - PD 54220 Wages Payable 346040 d FO - MD 28510 FO - PD 23540 Acc. Dep. 52050 e FO - MD 5400 FO - PD 2160 Prepaid Insurance 7560 f WIP - MD 74520 WIP - PD 82340 FO - MD 74520 FO - PD 82340 g WIP - PD 450580 WIP - MD 450580 h FG 709130 WIP - PD 709130 i COGS 711720 FG 711720 2. Balance of the Inventory accounts : Material 30500 WIP - MD 9020 WIP - PD 188690 FG 23980 3) FO - MD 1820 credit FO - PD 650 Debit

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