Each picture is it’s own small assignment, that is is part of one assignment. Ch

Question

Each picture is it’s own small assignment, that is is part of one assignment. Ch 20 Ex Entries for Flow of Factory Costs for Pr Cost System -Refining, sifting, and Packing. Assume that records indicate that the first department, Refining, were $457,600, $160,200, and $105,200, respectively. Also, work in process in the Sweeties, Inc., manufactures a sugar product by a continuous process, involving three direct materials, direct and Refining Department at the beginning of the period totaled $25,600, and work in a. Journalize the entries to record the flow of costs into the process at the end of the period totaled $31,600 Refining Department during the period for (1) direct materials, (2) direct labor, and (a) factory overhead Proe Refining Department Department 2. Department 3. b. Journalize the entry to record the transfer of production costs to the second department, Sifting

Explanation / Answer

Q1. Journal entries Accounts title and explanations Debit Credit Work in process- Refining Dr. 457600     Raw material Inv 457600 Work in process- Refining Dr. 160200       Wages payable 160200 Work in process- Refining Dr. 105200        factory overheads-Refining 105200 Work in process- Sifting Dr. 717,000     Work in process-Refining Account 717000 Note: Cost of goods completeed andn transfrred to next deptt: Beginning wip 25600 Add: Current cost material 457600 labour 160200 Overheads 105200 Total cost of manufacture 748600 Less: Ending WIP 31600 Total cost of goods transferred 717000

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