Reference no: EM13343182
Problem - Journal Entries Larney Corporation:
Larney Corporation uses process costing. A number of transactions that occurred in June are listed below.
1. Raw materials that cost $68,200 are withdrawn from the storeroom for use in the Mixing Department. Direct materials amounted to 75%, with the balance classified as indirect materials.
2. Direct labor costs of $36,500 and indirect labor costs off $14,500 were incurred, but not yet paid, in the Mixing Department.
3. Manufacturing overhead of $42,100 is applied in the Mixing Department using the department's predetermined overhead rate.
4. Units with a carrying cost of $112,400 finish processing in the Mixing Department and are transferred to the Drying Department for further processing.
5. Units with a carrying cost of $143,800 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 $138,500 are sold on account for $199,500. Assume a perpetual inventory system and enter a compound journal entry.
Required:
Prepare journal entries for each of the transactions listed above.
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Problem on journal entries larney corporation
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