Question

said saleeb 4 02/05/207 Test: Exam 1 (Ch.16-18) Problems This Question: 18 pts Time Remaining:00:46 48 Sut 6of7(4 complete) This test ops Question He Mayfield Company has a production process that involves the processes Units move through the processes in this order outing, stamping, and the polishing. The company had the following transactions in November the icon to wow the transactions) Prepare the journalernes for Mayfield Company Record its first the credits Exclude explanations from ouma entre 1 st of units completed in the Cuting Department 516,000 Accounts More Indo 1. Cost of units completed in the ring Department 516000 2 Cost of units completed the stampng Department. 522.000 2. Cost of units completed in the posing Department $33.000 2. Cost of units completed in the Stamping Department, $22.000 5. Cost of goods sold is 50% of sales sont competed in the Polishing Department $30.000 hrom any of menyeber in the input fields and then continue to the next question 990109 900700 de Showa pdf SSF 55, 1098 212A HexNw9

its 5 steps question

Answer 1

Above question is about preparation of journal entries. Refer a below image for more detailed solution.

solution: Requirement: Journal entries Accounts Date q explanation Credit Debit $16000 NON 3o. $ 16000 Work in process Inventory - stamping Ak or To work in process inventory - colting (Being transfer costs assigned to onits transferred). $22000 Novo $22000 Work in process Inventory - plisting Ate or to work in process inventory Stamping (Being transfer costs assigned to units transferred) finished goods inventory alc or to work in process inventory -polishing (Being transfer costs assigned to finish $33000 633000 NOV30 goods) $60Coo ale or $ 60000 Nov 30 Accounts Receivable To sales ( Being record sales for the month) $36000 Cost of Nov 30 $36000 goods sold Ale Dr ($ 60000 x 6ot) Go finished Goods inventory units sold costs assigned to (Being cous)