Begin with a summary journal entry to record the assignment of costs

Begin with a summary journal entry to record the

This preview shows page 55 - 58 out of 59 pages.

Begin with a summary journal entry to record the assignment of costs transferred from the Spinning Department, direct materials, direct labor, and the allocation of manufacturing overhead to the Dyeing Department. (Prepare a single compound journal entry. Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Nov. 30 (10) (11) (12) (13) (14) (15) Prepare the journal entry to record the cost of the units completed and transferred out of the Dyeing Department. Date Accounts Debit Credit Nov. 30 (16) (17) (18) (19) 1: Data Table UNITS Beginning Work-in-Process Inventory 60 rolls Transferred in from Spinning Department during November 575 rolls Completed during November 500 rolls
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Ending Work-in-Process (80% complete for conversion work) 135 rolls COSTS Beginning Work-in-Process Inventory (transferred in costs, $4,600; materials cost, $1,650; conversion costs, $5,250) $11,500 Transferred in from Spinning Department 22,070 Materials cost added during November 12,320 Conversion costs added during November (manufacturing wages, $8,575; manufacturing overhead allocated, $43,935) 52,510 2: Requirements 1 . Prepare the November production cost report for Carol's Dyeing Department. (Carol uses weighted-average process costing.) 2 . Journalize all transactions affectingCarol's Dyeing Department during November, including the entries that have already been posted. (1) (2) Beginning work-in-process Beginning work-in-process Completed and transferred out Completed and transferred out Ending work-in-process Ending work-in-process Transferred in Transferred in (3) (4) Beginning work-in-process Beginning work-in-process Completed and transferred out Completed and transferred out Ending work-in-process Ending work-in-process Transferred in Transferred in (5) (6) Beginning work-in-process Beginning work-in-process Completed and transferred out Completed and transferred out Costs added during the period Costs added during the period Ending work-in-process Ending work-in-process (7) (8) Divided by: Total costs accounted forBeginning work-in-process Divided by: Total EUP Completed and transferred out Divided by: Total units to account for Costs added during the period Ending work-in-process (9) Beginning work-in-process Completed and transferred out Costs added during the period
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Ending work-in-process (10) Manufacturing Overhead Raw Materials Inventory Wages Payable Work-in-Process Inventory—Dyeing Work-in-Process Inventory—Plying Work-in-Process Inventory—Spinning (11) Manufacturing Overhead Raw Materials Inventory Wages Payable Work-in-Process Inventory—Dyeing Work-in-Process Inventory—Plying Work-in-Process Inventory—Spinning (12) Manufacturing Overhead Raw Materials Inventory Wages Payable Work-in-Process Inventory—Dyeing Work-in-Process Inventory—Plying Work-in-Process Inventory—Spinning (13) Manufacturing Overhead Raw Materials Inventory Wages Payable Work-in-Process Inventory—Dyeing Work-in-Process Inventory—Plying Work-in-Process Inventory—Spinning (14) Manufacturing Overhead Raw Materials Inventory Wages Payable Work-in-Process Inventory—Dyeing Work-in-Process Inventory—Plying Work-in-Process Inventory—Spinning
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  • Fall '14
  • AyeshaIqbal
  • Goods Sold, Raw Materials Inventory, Per Diem, Finished Goods Inventory

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