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S_A_V [24]
2 years ago
6

Zang Co. manufacturs its products in a continuous process involving two departments, Machining and Assembly. The following trans

actions are related to production during June:
(a) Materials purchased (on June 1) on account, $180,000.
(b) Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials.
(c) Direct labor used by Machining, $23,000; Assembly, $47,000.
(d) Depreciation expenses: Machining, $4,500; Assembly, $7,800.
(e) Factory overhead applied: Machining, $9,700; Assembly, $11,300.
(f) Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods.
(g) Sold goods on account, $100,000; cost of goods sold, $68,000.
Business
1 answer:
Zigmanuir [339]2 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

1. Material Inventory Dr, $180,000

      To Accounts Payable  $180,000

(Being Material Purchased on account is recorded)

2. WIP Machining Dept. Dr, $73,000

Manufacturing Overheads Machining Dept.  Dr, $9,000

Manufacturing Overheads Assembly Dept.  Dr, $4,900

        To Material Inventory $86,900

(Being Material issued to departments is recorded)

3. WIP Machining Dept.  Dr, $23,000

WIP Assembly Dept.  Dr, $47,000

        To Wages Payable  $70,000

(Being Direct Labor used is recorded)

4. Manufacturing Overheads Machining Dept.  Dr, $4,500

Manufacturing Overheads Assembly Dept.  Dr, $7,800

        To Depreciation Expense  $12,300

(Being Depreciation allocated is recorded)

5. WIP Machining Dept.  Dr, $9,700

WIP Assembly Dept.  Dr, $11,300

      To Man. Overheads Machining Dept. $9,700

       To Man. Overheads Assembly Dept.  $11,300

(Being Factory overheads applied is recorded)

6. WIP Assembly Dept. Dr, $98,300

      To WIP Machining Dept.  $98,300

(Being WIP Transferred is recorded)

7. Finished Goods Inventory  Dr, $83,400

        To WIP Assembly Dept.  $83,400

(Being Finished goods transferred is recorded)

8. Accounts Receivables  Dr, $100,000

      To Sales  $100,000

(Being Goods sold on account is recorded)

9. Cost of Goods sold  Dr, $68,000

          To Finished Goods Inventory  $68,000

(Being Goods sold is recorded)

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