Materials and journalize the october transactions

Assignment Help Cost Accounting
Reference no: EM13170972

Conwell Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2012, inventories consisted of Raw Materials $26,000, Work in Process-Mixing $0, Work in Process-Packaging $250,000, and Finished Goods $289,000. The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 50,000 units were started into production in the Mixing Department and the following transactions were completed.

1. Purchased $300,000 of raw materials on account.

2. Issued raw materials for production: Mixing $210,000 and Packaging $45,000.

3. Incurred labor costs of $258,900.

4. Used factory labor: Mixing $182,500 and Packaging $76,400.

5. Incurred $810,000 of manufacturing overhead on account.

6. Applied manufacturing overhead on the basis of $24 per machine hour. Machine hours were 28,000 in Mixing and 6,000 in Packaging.

7. Transferred 45,000 units from Mixing to Packaging at a cost of $979,000.

8. Transferred 53,000 units from Packaging to Finished Goods at a cost of $1,315,000.

9. Sold goods costing $1,604,000 for $2,500,000 on account.

Instructions

Journalize the October transactions.

Reference no: EM13170972

Questions Cloud

Compute ecell and state whether the reaction is spontaneous : Balance the following skeleton reaction, calculate Ecell, and state whether the reaction is spontaneous:
What is the mass of the sample of water : The temperature of a sample of water increases by 6.5 degrees Celsius when 8.5 kilo Joules are applied. The specific heat of liquid water is 4.18 Joules per gram x degrees Celcius. What is the mass of the sample of water?
What are the coefficients of the species shown : When the following equation is balanced properly under acidic conditions, what are the coefficients of the species shown?
What is the total pressure in atm : a tank contains helium at 490 mmHg, nitrogen gas at 0.750 atm, and neon at 520 torr. what is the total pressure in atm?
Materials and journalize the october transactions : The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials and journalize the October transactions.
Explain what volume is occupied moles of carbon monoxide : What volume (in liters) is occupied by 0.01 moles of carbon monoxide
Write a formula that relates absorbance to gas pressure : How do you arrange PV=nRT to give equation relating pressure to concentration and use it to modify Beer's Law to apply to gas pressure? Write a formula that relates absorbance to gas pressure.
What is the number of moles of air : At 0.0 C, if the volume of air is 2 mL and the pressure of the atmosphere that day is 665 mmHg, what is the number of moles of air?
What is the rate constant for the reverse reaction : What is the rate constant for the reverse reaction at the same temperature?

Reviews

Write a Review

 

Cost Accounting Questions & Answers

  Definition of the entities

Organize a list of pros and cons do not mean just giving a definition of the three entities. Your information offered should be structured toward their prospective business. Please make sure your responsive include the required references and rule..

  Gain realized on the sale of the assets

The gain realized on the sale of the assets and the balances in the partners-2019 capital accounts after the distribution of this gain or loss to the capital accounts.

  Evaluate the inventory turnover ratio for 2010

Evaluate the inventory turnover ratio for 2010 using the LIFO and FIFO cost-flow assumption methods. Describe why the costs assigned to inventory under LIFO at the end of 2009 and 2010 are so much less than they are underFIFO.

  Find how much overhead is allocated

Find how much overhead is allocated and evaluate what is the over/under absorbed overhead?

  Evaluate the amounts for - cash received from customers

Had cash flow statement been prepared using the direct method, Evaluate the amounts for? Cash received from Customers.

  Classify the preceding costs as either fixed and variable

Hand-Made Furniture Company manufactures sofas for distribution to several major retail chains and insurance premiums on property, plant, and equipment, $25,000 per year plus $25 per $25,000 of insured value over $16,000,00

  Evaluate a consolidated statements workpaper

Evaluate a consolidated statements workpaper

  Evaluate the average cost per gallon

What qualitative matters should be taken in considerations with requirement c and d? Describe. Would you change the decision taken on c and d? Clarify.

  Financial statement reporting acceptable according to gaap

advertising activities can be related to products by using activity-based costing. Would allocating these activities to products for financial statement reporting be acceptable according to GAAP?

  Credit salaries payable for the net pay

FICA Tax Payable for 7.5 % of gross pay, credit Employees' income tax Payable for 15 percent of gross pay, and credit salaries payable for the net pay.

  Predatory relationship - formulate a hypothesis

Create a prediction on the outcome of this predatory relationship - formulate a hypothesis

  Find the income statement for the year

Prepare the Income Statement for the year ended December 31, 2008 and Prepare the Statement of Retained Earnings for the year and Prepare the Balance Sheet at December 31, 2008

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd