Question

Color - Tile produces its product in two processing departments Forming and Finishing. The following account shows the Forming Departments Work in Process Inventory at October 31 prior to completing the five-step process costing procedure Click the icon to view the account) 1. What is the Forming Department's "Total costs to account for for the month of October 2. Assume that after using the five-step process costing procedure, the company determines that the cost to be assigned to units completed and transferred out is $20.700. What journal entry is needed to record the water of conte Fing Department? 3. Aber the journal entry is made, what will be the new ending balance in the Forming Department's Work in Process inventory account? 1. What is the Forming Department's "Total costs to account for for the month of October? Identify the labels and calculate the total costs to account for Total cost to account for

Answer 1

7 1) 8 Beginning balance 9 Direct materials used 10 Direct labor 11 Manufacturing overhead allocated 12 Total costs to account for $ 53,700 $ 78,300 $ 14,600 $ 126,100 $ 272,700

1 1) 2 Beginning balance 3 Direct materials used 4 Direct labor 5 Manufacturing overhead allocated 6 Total costs to account for 53700 78300 14600 126100 =+B2+B3+B4+B5

Credit Accounts Work in process-Finishing Department Work in process-Forming Department Debit $ 243,700 $ 243,700

243700 14 3) 15 Work in process-Forming Department 16 Beginning balance $ 53,700 Work in process-Finishing Department 17 Direct materials used $ 78,300 18 Direct labor $ 14,600 19 Manufacturing overhead allocated $ 126,100 20 Ending balance $ 29,000

D 14 3) 15 16 Beginning balance 17 Direct materials used 18 Direct labor 19 Manufacturing overhead allocated 20 Ending balance Work in process-Forming Department 53700 Work in process-Finishing Department 243700 78300 14600 126100 =+B16+B17+B18+B19-016