Question

Entries for Flow of Factory Costs for Process Cost System Radford Inc, manufactures a sugar product by a continuous process, involving three production departments --Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $496,900, $173,900, and $114,300, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $27,800, and work in process at the end of the period totaled $34,300. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.

Answer 1

As per Chegg policy, Only 1 question will be answered per Post / Attempt. But Answering the First 2 questions.Thank You

a)
No.	Accounting titles and Explanations	Debit	Credit
1	Work in Process-Refining Department	$ 496,900
	Materials		$ 496,900
	(To record the Direct material Used )
2	Work in Process - Refining Department	$ 173,900
	Wages Payable		$ 173,900
	(To record the Direct Labor Cost )
3	Work in Process-Refining Department	$ 114,300
	Factory Overhead - Refining Department		$ 114,300
	(To record the Factory Overhead Cost )
(b)
	Accounting titles and Explanations	Debit	Credit
	Work in Process-Sifting Department ( $ 27,800 + $ 496,900 + $ 173,900 + $ 114,300 (-) $ 34,300 )	$ 778,600
	Work in Process - Refining Department		$ 778,600
	(Too record the transfer of production costs )
2)
a.	Number of whole units to be accounted for               = Units completed and transferred out + Ending Units in Process               =    32,800 + 1,400 Units	34,200 Units
b.	Number of equivalent units of production             = Units completed and transferred out                                + (% of Completion x Units in Ending Inventory )            =   32,800 + ( 1,400 units x 30% )            = 32,800 + 420 Units	33,220 Units