Solution-How would journal entry these items

How would journal entry these items

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Reference no: EM132928025

Question - How would journal entry these items if this is a process costing system with the areas of Mixing, Bottling, and Labeling of Lemonade Company. Please add little notes to help me understand the material better. Thank you.

1) On January 1st, 2020, Lemonade Company purchased $60,000 in raw materials.

2) On January 5th, Lemonade Company introduced $36,000 in raw materials to production in the Mixing area. 1/3 of these materials were direct, the rest were indirect.

3) On January 10th, Lemonade Company incurred a $30,000 power bill for the plant. This bill applied to the office (40% of the total cost) and the Mixing area (60%).

4) On January 15th, the costs in WIP-Mixing were transferred to WIP-Bottling.

5) On January 17th, WIP-Bottling added $12,000 in direct labor to the items manufactured.

Reference no: EM132928025

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How would journal entry these items

Reference no: EM132928025

Reference no: EM132928025

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