Question

Maxwell floring produces its product in two processing departments: Forming and ­Finishing. The following T- account shows the Forming Department’s Work in Process ­Inventory at October 31 prior to completing the five- step process costing procedure: Beginning balance


1. What is the Forming Department’s “Total costs to account for” for the month of October?
2. Assume that after using the five- step process costing procedure, the company ­determines that the “cost to be assigned to units completed and transferred out” is $ 243,900. What journal entry is needed to record the transfer of costs to the ­Finishing Department?
3. After the journal entry is made, what will be the new ending balance in the Forming Department’s Work in Process Inventory account?


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  • CreatedAugust 27, 2014
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