10· ]ournal entries for a process cost system, part 3 Aa Aa Premium Peanut Butte

Question

10· ]ournal entries for a process cost system, part 3 Aa Aa Premium Peanut Butter Company has two departments: Mixing and Packaging. In the Mixing Department, all ingredients are added at the beginning of the process and mixed together. The Packaging Department receives the peanut butter and puts it in plastic containers that are already labeled. Premium Peanut Butter Company uses a process cost system. For the company, a unit is one jar of peanut butter. For the following entries, show the transactions in summary form, even though many of the transactions would be recorded daily. Record each entry in the journal provided. Use Smart Entry when selection lists are not available. November 30: Applied factory overhead to Mixing and Packaging departments of $12,065 and $12,555, respectively. OURNAL Date Description Debit Credit 1Nov 30 2 4 Not sure about the account title? Click here to view the chart of accounts. November 30: Transferred costs of $115,950 from the Mixing Department to the Packaging Department. JOURNAL Date Description Debit Credit 1Nov 30 Not sure about the account title? Click here to view the chart of accounts.

Explanation / Answer

Journal Entries.

(A) Just in Time Vs

(B) Traditional Manufacturing.

Emphasise product oriented layout. A

Workers typically perform more than one function. A

Workers typically perform one function. B

Reduces setup time. B

Emphasizes work of individuals following manager instructions. A

Sr. Purticulars Dr Cr 1 WIP inventory - Assembly 12065               Manufactururing overhead 12065 WIP inventory - Finishing 12555               Manufactururing overhead 12555 2 WIP inventory - Assembly 115950               WIP inventory - Finishing 115950 3 Finished Goods Inventory 80545               WIP inventory - Packaging 80545 4 Cost of Goods Sold 109934               Finished Goods Inventory 109934

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