Solution-Prepare journal entries showing the flow of costs

Prepare journal entries showing the flow of costs

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Reference no: EM132556508

Acme Food Ltd. company makes TWIXIE chocolate bars. The company has two processing departments: Baking and Mixing. In the Baking Department, the raw ingredients for the one side is made as well as the ingredients for the other side in specially made vats that separate the two sides of the candy bar. In the Mixing Department, the melted chocolate and other ingredients from the Baking Department are carefully packaged into decorative wrapping done by hand. The company uses a process costing system.

The following T-accounts show the flow of costs through the two departments in May:

Work in Process-Baking Bal. April 18,000 ,Transferred out 160,000 ,Direct materials 42,000 , Direct labour 50,000 , Overhead 75,000

Work in Process-Mixing Bal. April 1 4,000 ,ransferred out 240,000 ,Transferred in 160,000 , Direct labour 36,000 , Overhead 45,000

Required:

Question 1: Prepare journal entries showing the flow of costs through the two processing departments during May.

Reference no: EM132556508

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Prepare journal entries showing the flow of costs

Reference no: EM132556508

Reference no: EM132556508

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