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Entries for flow of factory costs for process cost system Domino Foods, Inc., manufactures a sugar product by a continuous process involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department. Refining, were $400,000, $150,000, and $100,000, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $40,000, and work in process at the end of the period totaled $35,000. Journalize the entries to record (a) the flow of costs into the Refining Department during the period for (1) direct materials.,(2) direct labor, and (3) factory overhead and to record (b) the transfer of production costs to the second department, Sifting.

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
Chapter 20, Problem 20.3EX
Textbook Problem

Entries for flow of factory costs for process cost system

Domino Foods, Inc., manufactures a sugar product by a continuous process involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department. Refining, were $400,000, $150,000, and $100,000, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $40,000, and work in process at the end of the period totaled $35,000.

Journalize the entries to record (a) the flow of costs into the Refining Department during the period for (1) direct materials.,(2) direct labor, and (3) factory overhead and to record (b) the transfer of production costs to the second department, Sifting.

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Chapter 20 Solutions

Accounting
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