Journal Entries, Cost of Ending Inventories Baxter Company has two processing departments: Assembly and Finishing. A...
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Journal Entries, Cost of Ending Inventories
Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of $10 per DLH is used to assign overhead to production. The company experienced the following operating activity for April:
- Materials issued to Assembly, $25,000
- Direct labor cost: Assembly, 500 hours at $9.20 per hour; Finishing, 400 hours at $7 per hour
- Overhead applied to production
- Goods transferred to Finishing, $33,500
- Goods transferred to finished goods warehouse, $20,500
- Actual overhead incurred, $10,000
Required:
1. Prepare the required journal entries for the preceding transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Work in Process-Assembly Materials Inventory b. Work in Process-Assembly Work in Process-Finishing Wages Payable c. Work in Process-Assembly Work in Process-Finishing Overhead Control d. Work in Process-Finishing Work in Process-Assembly e. Finished Goods Work in Process-Finishing f. Overhead Control Miscellaneous Accounts 2. Assuming Assembly and Finishing have no beginning work-in-process inventories, determine the cost of each department's ending work-in-process inventories.
Ending Inventory Work in Process—Assembly $ Work in Process—Finishing $
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Journal Entries, Cost of Ending Inventories
Baxter Company has two processing departments: Assembly and
Finishing. A...
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1.
Purchased $62,700 of raw materials on account.
2.
Incurred $61,600 of factory labor. (Credit Wages Payable.)
3.
Incurred $71,600 of manufacturing overhead; $42,000 was paid
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