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Entries for Process Cost System
Cincinnati Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where the packaging is added at the beginning of the process. On July 1, Cincinnati Soap Company had the following inventories:
Finished Goods
$13,650
Work in Process-Making
5,310
Work in Process-Packing
6,920
Materials
3,000
Departmental accounts are maintained for factory overhead, which both have zero balances on July 1.
Manufacturing operations for July are summarized as follows:
a.
Materials purchased on account
$170,050
b.
Materials requisitioned for use
Phosphate-Making Department
$112,330
Packaging-Packing Department
39,070
Indirect materials-Making Department
4,400
Indirect materials-Packing Department
1,580
c.
Labor used
Direct labor-Making Department
$80,250
Direct labor-Packing Department
54,170
Indirect labor-Making Department
15,540
Indirect labor-Packing Department
27,860
d.
Depreciation charged on fixed assets
Making Department
$14,650
Packing Department
12,100
e.
Expired prepaid factory insurance
$2,780
1,110
f.
Applied factory overhead
$38,300
42,310
g.
Production costs transferred from Making Department to Packing Department
$231,550
h.
Production costs transferred from Packing Department to Finished Goods
$364,410
i.
Cost of goods sold during the period
$365,750
Required:
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