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gnment/takeAssignmentMain.do?invoker- assignments&takeAssignmentSessionLocator-assignment-ta; ke&inprogress-false; eBook Show Me How Calculator Entries for Process Cost System ston & Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it Pre is turned int the process. On July 1, Preston & Grover Soap Company had the following inventories Finished Goods Work in Process-Making Work in Process-Packing Material:s Departmental accounts are maintained for factory overhead, which both have zero balances on July 1 Manufacturing operations for July are summarized as follows: a. Materials purchased on account b. Materials requisitioned for usee o granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of $13,900 5,400 ,040 3,050 $173,120 Phosphate-Making Department Packaging-Packing Department Indirect materials-Making Department Indirect materials-Packing Department $114,360 39,780 4,470 1,600 c. Labor used Direct labor-Making Department Direct labor-Packing Department Indirect labor-Making Department $81,700 55,140 15,820 R A10:15 AM 4/14/2018

Explanation / Answer

1) Item Account Debit Credit a. Materials 173120 Accounts Payable 173120 b. Work in Process-Making Department 114360 Work in Process-Packing Department 39780 Factory Overhead-Making Department 4470 Factory Overhead-Packing Department 1600 Materials 160210 c. Work in Process-Making Department 81700 Work in Process-Packing Department 55140 Factory Overhead-Making Department 15820 Factory Overhead-Packing Department 28360 Wages Payable 181020 d. Factory Overhead-Making Department 14920 Factory Overhead-Packing Department 12320 Accumulated Depreciation 27240 e. Factory Overhead-Making Department 2830 Factory Overhead-Packing Department 1130 Prepaid Insurance 3960 f. Work in Process-Making Department 38990 Work in Process-Packing Department 43080 Factory Overhead-Making Department 38990 Factory Overhead-Packing Department 43080 g. Work in Process-Packing Department 235720 Work in Process-Making Department 235720 h. Finished Goods 370980 Work in Process-Packing Department 370980 i. Cost of Goods Sold 372340 Finished Goods 372340 2) July 31 balances of the inventory accounts. Materials =3050+173120-160210 = 15960 Work in Process—Making Department =5400+114360+81700+38990-235720 = 4730 Work in Process—Packing Department = 7040+39780+55140+43080+235720-370980 = 9780 Finished Goods =13900+370980-372340 = 12540 3) July 31 balances of the factory overhead accounts. Factory Overhead—Making Department = 4470+15820+14920+2830-38990 = -950 Credit Factory Overhead—Packing Department = 1600+28360+12320+2830-43080 = 2030 Debit

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