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stellarik [79]
3 years ago
10

In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct mate

rials $111,600 $30,000 $17,200 Direct labor 8,000 13,600 11,600 Applied overhead 8,400 60,400 11,200 Transferred-in cost: From Molding 128,000 From Grinding 232,000 Total cost $128,000 $232,000 $272,000 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system.
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

Required 1 ; Journals

Work In Process : Grinding Department $ 128,000 (debit)

Work In Process : Molding Department $ 128,000  (credit)

<em>Being transfer of costs from Molding to Grinding Department</em>

<em />

Work In Process : Molding Department $ 128,000  (debit)

Work In Process : Grinding Department $ 128,000 (credit)

<em>Being transfer of costs from Grinding to Molding Department</em>

<em />

Finished Goods Account $40,000 (debit)

Work In Process : Finishing Department $40,000 (credit)

<em>Being transfer of costs from Finishing department to finished goods account</em>

Required 2 : Difference

<u>Job Order Costing </u>

Each production is unique and there may be no transfers to and from other departments. The is no inventory from previous processes as this is unique to the job order.

<u>Process Costing (Currently in use)</u>

There are transfers from and to other departments. Production is in sequence. For each departments we may also have inventories

Explanation:

<u>Finishing Department Costs Calculation</u>

Direct materials           $17,200

Direct labor                  $11,600

Applied overhead        $11,200

Total                            $40,000

Difference :

You should be able to see that the Journal entries above depicts a process costing system. Now provide reasons why this system differs from the job-order cost system. See the reasons above.

<em />

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