Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: Direct materials 85,200 Direct labor 25,000 Manufacturing overhead applied 40,110 Total cost to account for in January 150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020.
Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: Direct materials 85,200 Direct labor 25,000 Manufacturing overhead applied 40,110 Total cost to account for in January 150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 3CMA: Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining...
Related questions
Question
Direct materials |
85,200 |
Direct labor |
25,000 |
Manufacturing overhead applied |
40,110 |
Total cost to account for in January |
150,310 |
- a) Prepare a
journal entry to summarize the totalmanufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020.
Date |
Debit |
Credit |
Db |
Cr |
|
|
|
|
|
||
|
|
|
|
||
- b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020.
Date |
Debit |
Credit |
Db |
Cr |
|
|
|
|
|
|
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College