case02cvpcasesolutionsp08

case02cvpcasesolutionsp08 - ACC221 Cost Accounting Cost...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC221 Cost Accounting Cost Volume Profit Case Solution Due: March 20, 2008 PART I: Maxwell Corporation Requirement 1: Journal Entries Entry Account name Debit Credit a. WIP - Mixing Dept 990,000 WIP - Baking Dept 230,000 Raw materials inventory 1,220,000 To record raw materials issued into production b. WIP - Mixing Dept 144,000 WIP - Baking Dept 36,000 Wages Payable 180,000 To record labor costs incurred. c. Manufacturing Overhead 450,000 Accounts Payable 450,000 To record manufacturing overhead incurred. d. WIP - Mixing Dept. 362,000 WIP - Baking Dept. 84,000 Manufacturing Overhead 446,000 To record application of overhead e. WIP - Baking Dept. 1,480,000 WIP - Mixing Dept 1,480,000 To record transfer of rolls from mixing dept to baking dept. f. Finished Goods Inventory 1,900,000 WIP - Baking Department 1,900,000 To record completion of rolls g. Accounts Receivable 3,000,000 Sales 3,000,000 To record sales of rolls on account g. COGS 1,800,000 Finished Goods Inventory 1,800,000 To record cost of goods sold
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Requirement 2: Production Report Maxwell Corporation Production Report - Mixing Department For the Month Ended March 31 Quantity Quantity Schedule and Equivalnet Units: Schedule Units to be accounted for: Work in process, March 1 40,000 lbs Started into production 780,000 lbs Total units to be accounted for 820,000 lbs
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern