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Larney Corporation uses process costing. A number of transactions that occured in June are listed below.
1) Raw materials that cost $38200 are withdrawn from the storeroom for use in the Mixing department. All of these raw materials are classified as direct materials.
2) Direct Laboor costs of $36500 are incurred but not yet paid in the Mixing Department.
3) Manufacturing overhead of $42100 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 $143800 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 $138500 are sold.
Required:
Question 1: Prepare journal entries for each of the transaction listed above.
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