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:
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 | $ |
Journal Entries, Cost of Ending Inventories Baxter Company has two processing departments: Assembly and Finishing. A...
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