Raw materials are classified as direct materials

Assignment Help Financial Accounting

Reference no: EM13916854

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

(1) Raw materials that cost $39,300 are withdrawn from the storeroom for use in the Mixing Department.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 $37,300 are incurred, but not yet paid, in the Mixing Department.

(3) Manufacturing overhead of $43,300 is applied in the Mixing Department using the department's predetermined overhead rate.

(4) Units with a carrying cost of $113,300 finish processing in the Mixing Department and are transferred to the Drying Department for further processing.

(5) Units with a carrying cost of $144,800 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 $139,300 are sold.

Required: Prepare journal entries for each of the transactions listed above.

Reference no: EM13916854

Questions Cloud

Identification issue, concerns to poor technology management : You are given 6 months to complete this, as the season nears when you are the busiest with customers. Describe how you are going to turn your department around within the 6 month period.

A quantity of electric charge brings : A quantity of electric charge brings about the decomposition of 4.5 g Al from Al+3 at the cathode. How much volume (STP) of H2(g) from H+ at the cathode will be produced using the same quantity of electric charge?

What topics should a training program include : What topics should a training program include? Would your goal be to introduce Western ways to the Thais? At least 90 percent of the hotel guests are non-Thai.

Percentage increase is correct based on operating leverage : Assume that sales will increase by 20% in 2015. Calculate the percentage of before-tax income for this increase. Provide calculations to prove that your percentage increase is correct based on the operating leverage calculated in step 5.

Raw materials are classified as direct materials : Raw materials that cost $39,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials.

Goal of reasserting the region economic position : In Florida, a vacationer could choose from over 200 timeshare resorts. In Vermont, the choice is limited to 15. A resort in Vermont has

What is bravely ventured is almost won : What is bravely ventured is almost won. He who wants to warm himself in old age must build a fireplace in his youth. Charity sees the need, not the cause.

Transport company in january : Maria Martinez organized Manhattan Transport Company in January 2008. The corporation immediately issued at $8 per share one-half of its 200,000 authorized shares of $2 par value common stock

What are different types of project management methodologies : How are those methodologies used? When are they needed? What benefits do they provide the project manager and industry? Specifically, how do they help with the project scope and objectives?

User Account

All Pages