Recording Manufacturing Costs in Process Costing
Chico Company makes piñatas for children’s birthday parties. Information for Chico’s last six months of operation follows:
Required:
Prepare the journal entries to record each of the following transactions.
(a) Purchased $7,800 of raw materials on credit.
(b) Issued $4,600 of direct materials into production.
(c) Applied $16,500 of conversion cost.
(d) Paid in full for the raw materials purchased on credit.
(e) Completed costing $19,750 piñatas.
(f) Recorded actual conversion costs of $18,000.
(g) Sold piñatas for $33,000 that cost $22,000 to produce.
(h) Disposed of any over- or underapplied conversion cost.
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