Smith and Hodges produce notions for the clothing industry. It uses four whre we

Question

Smith and Hodges produce notions for the clothing industry. It uses four whre were no beg Just-in-time operations and costing methods h ID: A clothing industry. It uses four work cells for its four product lines costs for February for work cell #2 are as follows: inventories on February 1. Operating ave recently been adopted. There were no beginning Direct materials purchased on Parts purchased on account and used Direct labor costs incurred Overhead costs applied Cost of goods completed during February Cost of goods sold account and used S 26,81 19,3 17 59,4 119,635 117,785 Using backflush costing, prepare the journal entries needed for the above data. General Journal Post Ref Credit Debit Date Description

Explanation / Answer

Journal Entries: Date Description Debit$ Credit$ a WIP inventory 26815 Accounts Payable 26815 b WIP inventory 19320 Accounts Payable 19320 c WIP inventory 17000 Payroll Expenses 17000 d WIP inventory 59400 Manufacturing Overhead 59400 e Finished Goods Inventory 119635 WIP inventory 119635 f Cost of Goods sold 117785 Finished Goods Inventory 117785

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