Reference no: EM132548634
Develop?, Inc. is a manufacturer of digital cameras. It has two? departments: assembly and testing. In January 2017 ?, the company incurred $875,000 on direct materials and $810,000 on conversion? costs, for a total manufacturing cost of $1,685,000. During February 20,000 cameras are placed into? production, but only 18,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 2,000 cameras.? However, on? average, these remaining 2,000 cameras are only 75?% complete to conversion costs.
Direct Materials Conversion Costs Total
Costs incurred during the period $875,000 $810,000
Equivalent units of work done in current period 20,000 19,500
Question 1: Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare journal entry to transfer out the cost of goods completed. Show the postings to the Work in Process account.
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