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ahrayia [7]
3 years ago
12

Nieland Industries has two production departments: Fabricating and Finishing. Beginning inventories are: Work in Process—Fabrica

ting, $6,030; Work in Process—Finishing, $4,100; and Finished Goods, $5,600. During the month the following transactions occurred:
1. Purchased $40,000 of raw materials on account.
2. Incurred $65,000 of factory labor. Wages are unpaid.
3. Incurred $35,000 of manufacturing overhead; $30,000 was paid and the remainder is unpaid.
4. Requisitioned materials for Fabricating, $10,000 and Finishing, $8,000.
5. Used factory labor for Finishing, $52,000 and Fabricating, $13,000.
6. Applied $30,000 of overhead based on machine hours used in each department. The Finishing Department used twice as many machine hours as did Fabricating.

Required:
Journalize the transactions for the month.
Business
1 answer:
irina [24]3 years ago
5 0

Answer:

Explanation:

1 Dr Raw Materials Inventory 40,000  

           Cr Accounts Payable  40,000

2     Dr Factory Labor 65,000  

            Cr Wages Payable  65,000

3 Dr Manufacturing Overhead 35,000  

       Dr Accounts Payable  5,000

             Cr Cash  30,000

4 Dr Work in Process—Fabricating 10,000  

       Dr Work in Process—Finishing 8,000  

           Dr  Raw Materials Inventory  18,000

5 Dr Work in Process—Fabricating 13,000  

       Dr Work in Process—Finishing 52,000  

           Cr Factory Labor  65,000

6 Dr Work in Process—Fabricating 10,000  

       Dr Work in Process—Finishing 20,000  

           Cr Manufacturing Overhead  30,000

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"The Marlene Doll Co. uses a process costing system. Consider the following data for Dept. A. UNITS: W-1-P Nov. 1: 8,000 units,
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Answer:

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Weighted-AVerage Method

Cost of production:

COSTS: W-1-P Nov. 1:                    $9,600         $4,800

Costs added in November:           15,600         14,400

Total costs for the month          $25,500       $19,200

Equivalent units of production:

                                       Units   Materials  Conversion

Transferred to Dept B: 12,000     12,000        12,000

W-1-P Nov. 30:               6,000       6,000         3,000

Equivalent units                            18,000        15,000

Cost per equivalent units:

                                            Materials    Conversion

Total costs for the month   $25,500       $19,200

Equivalent units                      18,000         15,000

Cost per equivalent unit       $1.42           $1.28

Costs assigned to:

Units Transferred to Dept B:  $17,040      $15,360              $32,400

                                     (12,000 *$1.42)     (12,000 * $1.28)  

W-1-P Nov. 30:                           8,520           3,840                 12,360

                                     (6,000 *$1.42)     (3,000 * $1.28)

Total costs assigned           $25,560       $19,200              $44,760

 

FIFO Method

Equivalent units of production:

                                                Units   Materials  Conversion

W-1-P Nov. 1:                           8,000      0 (0%)        2,000  (25%)

Units started & completed: 10,000     10,000        10,000

W-1-P Nov. 30:                       6,000      6,000         3,000

Equivalent units                                   16,000        15,000

Cost per equivalent units:

                                            Materials    Conversion

Total costs for the month    $15,600         14,400

Equivalent units                      16,000        15,000

Cost per equivalent unit       $0.975        $0.96

Costs assigned this month to:

Work-in-Process                      $0                 $1,920                $1,920

                                     (0 *$0.975)         (2,000 * $0.96)  

Units completed                      $9,750        $9,600              $19,350

                                     (10,000 *$0.975)   (10,000 * $0.96)  

W-1-P Nov. 30:                           5,850           2,880                 8,730

                                     (6,000 *$0.975)    (3,000 * $0.96)

Total costs assigned            $15,600        $14,400            $30,000

Total costs of:

Units transferred out         $19,350       $16,320         $35,670

W-1-P Nov. 30:                       5,850           2,880              8,730

Total costs                        $25,200       $19,200         $44,400

Explanation:

a) Data and Calculations:

Dept. A. UNITS:

                                        Units   Materials  Conversion

W-1-P Nov. 1:                    8,000      100%           75%

Started in November:   10,000

Transferred to Dept B: 12,000      100%          100%

W-1-P Nov. 30:                6,000      100%           50%

6 0
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