Question

NEXT er exercise 16-02 Marigold Company purchases $54,900 of raw materials on account, and it incurs $63,300 of the factory labor costs Supporting records show that (a) the Assembly Department used 130,600 of raw materials and $40,100 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 Work in Process - Assembly 30,600 Work in Process - Finishing Raw Materials Inventory (To record materials used) 31 Work in Process - Assembly Work in Process Finishing Factory Labor (To assign factory labor to production) Click if you would like to Show Work for this question: Qen Show Work SHOW LIST OF ACCOUNTS W LINK TO TEXT

Answer 1

Credit Debit $30,600 $24,300 $ 54,900 Date Account Titles and Explanation Mar 31 Work in Process - Assembly Work in Process - Finishing Raw Materials Inventory (To record materials used) 31 Work in Process - Assembly Work in Process - Finishing Factory Labor (To assign factory labor to production) $40,100 $ 23,200 $63,300 Working Notes: Work in Process - finishing = $54,900-$30,600 = $24,300 Work in Process - finishing = $63,300-$40,100 = $23,200