Question

Prepare a set of summarized journal entries for all October 2017 transactions affecting Work in Process—Assembly (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the purchase and use of direct materials. Journal Entry Accounts Debit Credit JE 1 Record the conversion costs. Journal Entry Accounts Debit Credit JE 2 Prepare a journal entry to transfer out the cost of goods completed. Journal Entry Accounts Debit Credit JE 3 Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

Answer 1

Berrien Company
Journal entries
date	account title	debit	credit
JE 1	Work in progress inventory - assembly	4,635,000
	Raw material inventory		4,635,000
	(To record direct material used in production process.)
JE 2	Work in progress inventory - assembly	2,575,125
	Conversion Cost payable /Cash (if paid)		2,575,125
	(To conversion cost applied to Work in progress inventory - assembly.)
JE 3	Finished goods inventory	8,554,000
	Work in progress inventory - assembly		8,554,000
	(To record cost of unit completed)

Answer 2

Work in progress inventory - assembly
Bal.	1,489,650
JE 1	4,635,000
JE 2	2,575,125
		JE 3	8,554,000
End. Bal	145,775

Explaination

2020-09(3) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in 129 : X fi A B с E F G H K L M N 3 4 D Berrien Company Department production Report Weighted average Method Month ended Oct 31, 2017 5 6 7 8 T validation Physical units Equivalent Units of production cost Assignment 9 T 10 T Summary of Physical units Units in beginning WIP inventory Units started during month Total unit to be accounted for Units completed and transferred out Units in ending WIP inventory Total unit accounted for 4000 22500 26500 26000 500 12 13 14 26500 15 Step for solution Step 1 Equivalent Ur Step 2 Calculate tota Step 3 Cost per Equiy Step 4 Cost assigned Step 5 Cost assigned 16 Equivalent Units of production 17 18 19 Particulars units in beginning WIP inventory Units in Started and completed (26000-4000) units in ending WIP inventory Equivalent Units of production Physical units % 4000 22000 Direct material units 100% 4000 100% 22000 100% 500 26500 Conversion Cost units 100% 4000 100% 22000 325 26325 20 21 500 65% 22 23 24 Summary of cost to be accounted 25 26 Conversion Direct material Cost Total 1,248,000 241,650 1,489,650 4,635,000 2,575,125 7,210,125 5,883,000 2,816,775 8,699,775 Cost in beginning WIP Cost incurred during Month (Add) total cost to be accounted for 27 28 29 Activate Windows Go to Settings to activate Windows, Sheet23 Sheet24 Sheet25 Sheet26 Sheet27 Sheet28 Sheet29 Sheet30 Sheet31 + READY 3 + + 100% i Search the web and Windows O ENG IN 07:33 25-09-20

XIA 5 2020-09(3) SEP.xlsx - Microsoft Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW DEVELOPER Sign in A45 : X foc A B с D E F H 1 K L M N 21 500 100% 500 65% 325 units in ending WIP inventory Equivalent Units of production 22 26500 26325 23 24 Summary of cost to be accounted 25 26 Conversion Direct material Cost Total 1,248,000 241,650 1,489,650 4,635,000 2,575,125 7,210,125 5,883,000 2,816,775 8,699,775 Cost in beginning WIP Cost incurred during Month (Add) total cost to be accounted for 27 28 29 30 31 32 cost per Equivalent Unit total cost to be accounted for Divided by: Equivalent Units of production Cost per Equivalent Unit Direct material Conversion Cost 5883000 2816775 26500 26325 $ 222.00 $ 107.00 $ 329.00 33 34 35 36 37 Assign costs to units transferred out and units in ending WIP inventory cost assigned to units transferred out units completed and transferred out 26,000 Cost per Equivalent Unit 222.00 cost assigned to units transferred out 5,772,000 38 26,000 107.00 2,782,000 8,554,000 39 40 41 42 cost assigned to units ending work in progress equivalent units in ending WIP inventory Cost per Equivalent Unit cost assigned to units ending work in progress Total cost assigned 500 222.00 325 107.00 43 44 111,000 34,775 145,775 8,699,775 45 46 47 Activate Windows Go to Settings to activate Windows. Sheet23 Berrien Company Sheet27 Sheet28 Sheet24 Sheet25 Sheet26 Sheet29 Sheet30 Sheet31 + READY 3 T + + 100% 07:34 Search the web and Windows O ENG IN 25-09-20