ACCTZSO Week 5 - Homework 1. Journal entries using process costing. From the following list of accotnits, record the account(s) to be debited and credited for each of the transactions below. Assume that these transactions occur in a company that utilizes a process cost accounting system. Accounts Accounts Cost of Goods Sold Payroll Factory Overhead Various Credits Factory OverheadWing Accounts Payable Factory OverheadBlending Work in ProcessMixing Finished Goods Work in ProcessBlending Materials 1. Materials and supplies purchased on account... . Direct materials issued to both departments and supplies issued to the factory .......................... . Direct labor cost incurred in both departments and indirect labor in the factory . Other factory costs incurred . Factory overhead distributed to both departmentsm... . Factory overhead applied to production in both departments .................. . Units transferred from Mixing to Blending...... . Units completed in Blending and transferred . Units sold (ignore recording the revenue on the sale} 2. Cost of production summary using average costing. Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of month: Materials... $3,000 Labor ... 1,500 Factory overhead..............." 500 $ 5,000 Costs incurred during month: Materials........ $50,000 Labor .... 30,000 Factory overhead. 20,000 100,000 Total.. $105 000 Production Report Units In process, beginning of month .. 1,000 Finished and transferred during month .. 18,000 4,000 Stage of completion for materials, labor, and overhead (ending)......... One-half Stage of completion for materials, labor, and overhead (beginning)........ One-fourth Directions: Complete the following cost of production summary for Cobb Manufacturing Company. Show computations in spaces provided and round unit costs to three decimal places. Cobb Manufacturing Company Cost of Production Summary For the Month Ended June 30, 2011 Cost of work in process, beginning of month: Materials . $ Labor... Factory overhead. $ Cost of production for month: Materials ... $ Labor.... Factory overhead.. Total costs to be accounted for ......... $ Unit output for month: Finished during month .. Equivalent units of work in process, end of month Total equivalent production ..............!" Unit cost for month:Materials ( Labor ( Factory overhead ( Total Inventory costs: Cost of goods finished during month $ Cost of work in process, end of month: Materials ( $ Labor ( Factory overhead ( Total production costs accounted for... $ 3. Using the data presented below, determine the figures that should be inserted in the blank spaces. Beginning Units Equivalent units in Units started transferred to units of process in production finished goods Ending units in process production 700 3, 200 600 - 1/3 completed 2, 300 400 - 1/2 completed 2, 450 1, 200 4, 500 5, 100 5, 500 1, 000 8, 200 1/2 completed 8, 800 2, 200 2, 400 500 - 4/5 completed