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Hitman42 [59]
3 years ago
7

Sheffield Company purchases $50,300 of raw materials on account, and it incurs $63,900 of factory labor costs. Supporting record

s show that (a) the Assembly Department used $27,100 of the raw materials and $40,100 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments.
Business
1 answer:
Yakvenalex [24]3 years ago
3 0

Answer:

Work-in-process - Assembly Department  $64,160 (debit)

Work-in-process - Finishing Department  $38,080 (debit)

Overhead $102,240  (credit)

Explanation:

Assembly Department Costs Assignments

J1 : Raw Materials

Work -in-process $27,100 (debit)

Raw Materials (credit)

J2 : Labor

Work -in-process $40,100 (debit)

Salaries and Wages Payable $40,100 (credit)

J3 : Overheads

Work-in-process  $64,160 (debit)

Overhead $64,160 (credit)

Finishing Department Costs Assignments

J1 : Raw Materials

Work -in-process $23,200 (debit)

Raw Materials $23,200 (credit)

J2 : Labor

Work -in-process $23,800 (debit)

Salaries and Wages Payable $23,800 (credit)

J3 : Overheads

Work-in-process  $38,080 (debit)

Overhead $38,080  (credit)

Summary of assignment of overhead

Work-in-process - Assembly Department  $64,160 (debit)

Work-in-process - Finishing Department  $38,080 (debit)

Overhead $102,240  (credit)

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