In December, Davis Company had the following cost flows: Direct materials Direct labor Applied overhead Transferred-in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In December, Davis Company had the following cost flows: Direct materials Direct labor Applied overhead Transferred-in cost: From Molding From Grinding Total cost Molding Department Grinding Department Finishing Department $111,800 7,200 8,400 $127,400 $30,000 12,800 59,500 127,400 $229,700 $17,400 11,900 10,200 229,700 $269,200 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system. ASSETS 110 Cash 120 Accounts Receivable 130 Raw Materials 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables Davis Company General Ledger EQUITY 310 Common Stock 320 Retained Earnings REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expense 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. 1 2 3 4 5 6 DATE ACCOUNT GENERAL JOURNAL POST. REF. DEBIT PAGE 15 Score: 0/76 CREDIT In December, Davis Company had the following cost flows: Direct materials Direct labor Applied overhead Transferred-in cost: From Molding From Grinding Total cost Molding Department Grinding Department Finishing Department $111,800 7,200 8,400 $127,400 $30,000 12,800 59,500 127,400 $229,700 $17,400 11,900 10,200 229,700 $269,200 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system. ASSETS 110 Cash 120 Accounts Receivable 130 Raw Materials 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables Davis Company General Ledger EQUITY 310 Common Stock 320 Retained Earnings REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expense 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. 1 2 3 4 5 6 DATE ACCOUNT GENERAL JOURNAL POST. REF. DEBIT PAGE 15 Score: 0/76 CREDIT
Expert Answer:
Answer rating: 100% (QA)
Date Account Debit Credit 1 Work in processGrinding ... View the full answer
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-1305103962
6th edition
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Posted Date:
Students also viewed these accounting questions
-
In December, Davis 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...
-
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...
-
In October, Gardner Company had the following cost flows: Required: Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to...
-
Stanley, Inc. issues 15-year $1,000 bonds that pay $85 annually. The market price for the bonds is $960. Your required rate of return is 9 percent.
-
What are equivalent units? Why are they needed in a process-costing system?
-
What is a system?
-
Find an article about writing summary judgment motions from the courts perspective. What tips are given for writing a summary judgment motion?
-
On July 1, 2013, $6 million face amount of 7%, 10-year bonds were issued. The bonds pay interest on an annual basis on June 30 each year. The market interest rates were slightly higher than 7% when...
-
Millenium is a company engaged in New York, currently making shoes for jogging sports with the brand "Garsel".The brand is still a brand that is favored by customers so garsel dominates the market in...
-
Alpha and Beta are divisions within the same company. The managers of both divisions are evaluated based on their own divisions return on investment (ROI). Assume the following information relative...
-
Summarizes validity of qualitative and quantitative evidence on what role does stress burnout play in the development of substance abuse among nurses. is there correlation . references 1 . Jarrad,...
-
Managers use tools like the Break-Even Analysis in both the planning and controlling functions of Management. In this assignment, you'll practice using the Break-Even formula to help Ryan determine...
-
post 1 ) I've always been an Apple customer, at first it was what everyone else was buying so at that point in life just wanted to go with the trend. Once I started it was hard to stop. I pod...
-
1. Marathon Gyms Sdn. Bhd. (Marathon) is a private, unlisted company which operates around 30 gyms in Malaysia. It has a small team of staff at its head office and the rest of its staff are based in...
-
1. Do you agree with Mr. Butler's estimate that he will need up to $465,000 in 1991? How much will he need to borrow to finance his expected expansion in sales in 1991 (assume sales volume hits $3.6...
-
Shea Furniture started and finished Job 310 during June . The company's records show that the following direct materials were requisitioned for Job 310 : Lumber: 46 units at $9 per unit Padding: 16...
-
Analyze the benefits of health insurance on access to care, including two examples of the benefits of having insurance. Evaluate barriers to accessing healthcare, including two examples of barriers...
-
Place a tick in the appropriate grid to identify the balance that would be brought down in each of the following named accounts, in the books of Rizwy Mohamed: (a) In the Cash account: if Rizwy...
-
Khumbu Company's projected profit for the coming year is as follows: Required: 1. Compute the break-even point in units. 2. How many units must be sold to earn a profit of $240,000? 3. Compute the...
-
In the coming year, Kalling Company expects to sell 28,700 units at $32 each. Kalling's controller provided the following information for the coming year. Units production...
-
Medina Company produces a single product. The projected income statement for the coming year is as follows: Sales (40,000 units @ $45) ..........$1,800,000 Total variable cost...
-
The circular spring clamp produces a compressive force of 3 N on the plates. Determine the maximum bending stress produced in the spring at A. The spring has a rectangular cross section as shown. 10...
-
Determine the maximum compressive force the spring clamp can exert on the plates if the allowable bending stress for the clamp is allow = 4MPa. The spring has a rectangular cross section as shown....
-
The ceiling-suspended C-arm is used to support the X-ray camera used for medical diagnoses. If the camera has a mass of 150 kg, with center of mass at G, determine the maximum bending stress at...
Study smarter with the SolutionInn App