Blossom Company has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following...
Blossom Company has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process.
|
Beginning WIP Inventory |
9,000 units |
|
Transferredminus−in costs in beginning WIP Inventory |
$ 95 comma 000$95,000 |
|
Direct materials costs in beginning WIP Inventory |
$25,600 |
|
Conversion costs in beginning WIP Inventory |
$23,750 |
| Units
transferredminus−in |
47,000 units |
|
Transferredminus−in costs |
$ 650 comma 000$650,000 |
|
Units Completed |
43,000 |
|
Costs added: materials |
$155,040 |
|
Costs added: conversion |
$230,710 |
|
Ending WIP Inventory |
13,000 units |
|
(50% complete for materials and 40% complete for conversion) |
|
What would have been the journal entry to record the transfer of product from the assembly department to the Shaping Department?
Homework Answers
| General Journal | Debit | Credit |
| Work in Process Inventory-Shaping | $650,000 | |
| Work in Process Inventory-Assembly | $650,000 |
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Blossom Company has two sequential processing departments:
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