Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Entries for Process Cost System
Cincinnati Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where the packaging is added at the beginning of the process. On July 1, Cincinnati Soap Company had the following inventories:
Finished Goods
$13,650
Work in Process-Making
5,310
Work in Process-Packing
6,920
Materials
3,000
Departmental accounts are maintained for factory overhead, which both have zero balances on July 1.
Manufacturing operations for July are summarized as follows:
a.
Materials purchased on account
$170,050
b.
Materials requisitioned for use
Phosphate-Making Department
$112,330
Packaging-Packing Department
39,070
Indirect materials-Making Department
4,400
Indirect materials-Packing Department
1,580
c.
Labor used
Direct labor-Making Department
$80,250
Direct labor-Packing Department
54,170
Indirect labor-Making Department
15,540
Indirect labor-Packing Department
27,860
d.
Depreciation charged on fixed assets
Making Department
$14,650
Packing Department
12,100
e.
Expired prepaid factory insurance
$2,780
1,110
f.
Applied factory overhead
$38,300
42,310
g.
Production costs transferred from Making Department to Packing Department
$231,550
h.
Production costs transferred from Packing Department to Finished Goods
$364,410
i.
Cost of goods sold during the period
$365,750
Required:
1. Journalize the entries to record the operations, identifying each entry by letter. For a compound transaction, if an amount box does not require an entry, leave it blank.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd