case02cvpcasesolutionsp08 - ACC221 Cost Accounting Cost...

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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
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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 Equivalent Units (EU) Materials Conversion Units accounted for as follows:
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This note was uploaded on 06/09/2008 for the course ACC 221 taught by Professor Tribunella during the Spring '08 term at Rochester.

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case02cvpcasesolutionsp08 - ACC221 Cost Accounting Cost...

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