In November, Curtis Company had the following cost flows: Required: 1. Prepare the journal entries to transfer

Question:

In November, Curtis Company had the following cost flows:

Required:
1. Prepare the journal entries to transfer costs from
(a) Molding to Grinding,
(b) Grinding to Finishing,
(c) Finishing to Finished Goods.
2. Explain how the journal entries differ from a job-order cost system.

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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Question Posted: Sep 22, 2015 03:41 AM

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In November, Curtis Company had the following cost flows: Required: 1. Prepare the journal entries to transfer

Question:

Grinding Department Department 本 15,000 6,800 30,200 Molding Direct materials Direct labor Applied overhead Transferred in cost: Finishing Department $8,600 5,800 5,600 $55,800 4,000 4,200 64,000 From Molding From Grinding $64,000 116,000 $136,000 Total cost $116,000

Step by Step Answer:

1 Journal a Date Description Debit Credit Work in ProcessGrinding 64000 Work in ProcessMolding ...View the full answer

Cornerstones of Financial and Managerial Accounting

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