Reference no: EM131123083
Preston & Grover Soap Company manufacturing powdered detergent. Phosphate is placed in process in the making department, where it is turned into granulars. The output of the marking is transferred to the Packing Department, where packaging is added at the beginning of the process. Only July 1, Preston & Grover Soap Company had the following inventories:
Finished goods $ 13,500
Work in process-making 6,790
Work in process-maxing 7,350
Materials 5,100
Department account are maintain for overhead, which both have zero balances on July 1
Manufacturing operations for July are summarized as follows
A. Materials purchased on account $149,800
B. materials requisitioned for use
Phosphate-making department $105,700
Packaging-packing department 31,300
Indirect materials-making department 4,980
Indirect materials-packing department 1,530
C. Labor used
Direct L-making department 32,400
Direct L-packing department 40,900
Indirect L-making department 15,400
Indirect L-packing department 18,300
D. Depreciation charged on fixed assets
Making dept-10,700
Packing dept-7,900
E. Expired prepaid factory insurance
Making dept-2,000
Packing dept-1,500
F. Applied factory overhead
Making dept-32,570
Packing dept-30,050
G. Production costs transferred from Making dept to packing dept 166,790
H. Production costs transferred from packing dept to Finished Goods 263,400
I. Cost of goods sold during the period-265,200
Instructions
1. Journalize the entries to record the operations, identifying each entry by letter
2. Compute the July 31 balances of the inventory accounts
3. Compute the July 31 balances of the factory overhead accounts
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