Question: Please help me answer BE 16.2! Thanks! BE16.1 (LO 2), AP Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of

 Please help me answer BE 16.2! Thanks! BE16.1 (LO 2), AP

Please help me answer BE 16.2! Thanks!

BE16.1 (LO 2), AP Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. Journalize entries for accumulating costs. Raw material AC $50000 To Account Payable $ $5ool so Work In Progress Ak To wages Payable 60000 Coooo BE16.2 (LO 2), AP Data for Warner Company are given in BE16.1. Supporting records show that (a) the Assembly Department used $24,000 of the raw materials and $35,000 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. Journalize the assignment of materials and labor costs

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!