Preparing Journal Entries for Weighted Average Process Costing System
Refer to the information in PB3-3 for Firelight Company
Required:
Prepare Firelight’s journal entries to record each of the following transactions.
(a) Added direct materials to production during July.
(b) Applied conversion cost during July.
(c) Transferred costs of completed units to Finished Goods Inventory.
(d) Sold units costing $450,000 for $800,000.
(e) Recorded $367,000 of actual conversion cost.
(f) Disposed of ending the balance in the Conversion Cost account.
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