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Alex787 [66]
3 years ago
11

Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Supporting records s

how that (a) the Assembly Department used $24,000 of raw materials and $35,000 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31.
Business
1 answer:
andriy [413]3 years ago
4 0

Answer:

WIP Assembly  DEBIT 24,000

WIP Finishing   DEBIT 26,000

Raw materials Inventory CREDIT 50,000

WIP Assembly  DEBIT 35,000

WIP Finishing   DEBIT 25,000

    Wages Payable CREDIT 60,000

Explanation:

Our first goal is to calculate the diference to get the finishing values

50,000 raw materials

assembly 24,000

50,000 - 24,000 = 26,000

Finishing 26,000

60,000 labor cost

Assembly 35,000

60,000 - 35,000 = 25,000

Finishing 25,000

Now we proceed to do the entries:

WIP Assembly  DEBIT 24,000

WIP Finishing   DEBIT 26,000

Raw materials Inventory CREDIT 50,000

WIP Assembly  DEBIT 35,000

WIP Finishing   DEBIT 25,000

    Wages Payable CREDIT 60,000

<u>Important:</u> There is no information about a finished goods or transfer from one process to another, so we should assume both are still in progress and no transfer to either one or finished goods were made.

So the values are transfer to the WIP of each department.

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In 2020, Neighbor Co-Op Inc. sells 1,000 beverages in glass bottles and receives a $1.00 deposit for each returnable bottle sold
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Answer:

a.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Cash                                              $1,000

                             Customer Deposits                                                  $1,000

b.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $800

                             Cash                                                                         $800

c.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $120

                             Breakage Revenue                                                   $120

                            Cost of goods sold(0.8 * 120)         $  96

                            Inventory                                                                   $  96

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