Prepare journal entries for each of the transactions listed

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Reference no: EM13792331

Pizang Corporation uses process costing. A number of transactions that occurred in June are listed below.

(1) Raw materials that cost $41,700 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials.

(2) Direct labor costs of $47,700 are incurred, but not yet paid, in the Mixing Department.

(3) Manufacturing overhead/Conversion costs of $56,900 is applied in the Mixing Department using the department's predetermined overhead rate.

(4) Units with a carrying cost of $128,300 finish processing in the Mixing Department and are transferred to the Drying Department for further processing.

(5) Units with a carrying cost of $133,800 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse.

(6) Finished goods with a carrying cost of $129,200 are sold.

Required:

Prepare journal entries for each of the transactions listed above assuming the company uses a manufacturing overhead account.

Required:

Show how the above entries would differ if Pizang uses a conversion account.

Reference no: EM13792331

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