Polar Springs produces premium bottled water. Polar Springs purchases artesian water, stores the water in large...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Polar Springs produces premium bottled water. Polar Springs purchases artesian water, stores the water in large tanks, and then runs the water through two processes: filtration and bottling. At Polar Springs, water is added at the beginning of the filtration process. Conversion costs are added evenly throughout the process. Polar Springs has no beginning inventories. During May, the filtration process incurred the following costs in processing 250,000 liters: E (Click the icon to view the costs.) E (Click the icon to view the assignment of costs.) 1. Record the journal entry transfer the cost of the 110,000 liters completed and transferred out of the Filtration Department and into the Bottling Department. 2. Record all of the transactions in the "Work in Process Inventory-Filtration" T-account. 1. Record the journal entry to transfer the cost of the 110,000 lilers completed and transferred out of the Filtration Department and into the Bottling Deparlment. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit 2. Record all of the transactions in the "Work in Process Inventory-Filtration' T-account. Post the transactions involving the costs incurred to the Filtration Department to the T-account and determine the ending balance. (For entries with a $0 balance, make sure to enter "0" in the appropriate cell.) Work In Process Inventory-Filtration Data Table Wages of workers operating the filtration equipment $ 8,840 Wages of workers operating ozonation equipment. 2$ 9,600 Manufacturing overhead allocated to filtration $ 15,880 Water.. $ 100,000 re Print Done Reference Polar Springs Filtration Department Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Equivalent units completed and transferred out 110,000 110,000 2$ 0.40 $ 0.20 Multiplied by: Cost per equivalent unit Costs assigned to units completed and transferred out $ 44,000 $ 22,000 $ 66,000 Ending work in process: Equivalent units in ending work in process, May 31 140,000 61,600 2$ 0.40 $ 0.20 Multiplied by: Cost per equivalent unit Costs assigned to units in ending work in process, May 31 2$ 56,000 $ 12,320 68,320 $ 134,320 Total costs accounted for Print Done Polar Springs produces premium bottled water. Polar Springs purchases artesian water, stores the water in large tanks, and then runs the water through two processes: filtration and bottling. At Polar Springs, water is added at the beginning of the filtration process. Conversion costs are added evenly throughout the process. Polar Springs has no beginning inventories. During May, the filtration process incurred the following costs in processing 250,000 liters: E (Click the icon to view the costs.) E (Click the icon to view the assignment of costs.) 1. Record the journal entry transfer the cost of the 110,000 liters completed and transferred out of the Filtration Department and into the Bottling Department. 2. Record all of the transactions in the "Work in Process Inventory-Filtration" T-account. 1. Record the journal entry to transfer the cost of the 110,000 lilers completed and transferred out of the Filtration Department and into the Bottling Deparlment. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit 2. Record all of the transactions in the "Work in Process Inventory-Filtration' T-account. Post the transactions involving the costs incurred to the Filtration Department to the T-account and determine the ending balance. (For entries with a $0 balance, make sure to enter "0" in the appropriate cell.) Work In Process Inventory-Filtration Data Table Wages of workers operating the filtration equipment $ 8,840 Wages of workers operating ozonation equipment. 2$ 9,600 Manufacturing overhead allocated to filtration $ 15,880 Water.. $ 100,000 re Print Done Reference Polar Springs Filtration Department Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Equivalent units completed and transferred out 110,000 110,000 2$ 0.40 $ 0.20 Multiplied by: Cost per equivalent unit Costs assigned to units completed and transferred out $ 44,000 $ 22,000 $ 66,000 Ending work in process: Equivalent units in ending work in process, May 31 140,000 61,600 2$ 0.40 $ 0.20 Multiplied by: Cost per equivalent unit Costs assigned to units in ending work in process, May 31 2$ 56,000 $ 12,320 68,320 $ 134,320 Total costs accounted for Print Done
Expert Answer:
Answer rating: 100% (QA)
1 Account Titles Debit Credit Work in Process Bottling 66000 Work in Process Filtra... View the full answer
Related Book For
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
Posted Date:
Students also viewed these accounting questions
-
Recording Revenues For each of the transactions in M3-3, write the journal entry in good form.
-
Recording Expenses For each of the transactions in M3-4, write the journal entry in good form.
-
Journalize each of the transactions in Exercise 29 assuming a periodic inventory system and PST at 8% along with 5% GST. In Exercise 29 June 1 Purchased $2,000 of merchandise; terms 1/10, n/30. 5...
-
Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the following aging schedule for Cayce's accounts receivable: Cindy indicates that the $126,700 of accounts receivable...
-
Show that = 4/3 Do this by first creating a vector x that has the elements 2.0, 1.5, 1.1, 1.01, 1.001, 1.00001, and 1.0000001. Then, create a new vector yin which each element is determined from the...
-
You've just joined the investment banking firm of Dewey, Cheatum, and Howe. They've offered you two different salary arrangements. You can have $75,000 per year for the next two years, or you can...
-
Isothermal efficiency is defined as the ratio of the (a) Isothermal work to the actual work, i.e., \(\eta_{\text {iso }}=\frac{W_{\text {iso }}}{W_{\text {actual }}}\) (b) Actual work to the...
-
CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED EARNINGS Davidson Company had a net income of $120,000 and paid cash dividends of $24,000 for 20--. Wilson and Picket Company had a net loss of...
-
What are the underlying mechanisms of organizational learning and knowledge management, and how do they contribute to sustained competitive advantage in rapidly changing environments?
-
Values for the NASDAQ composite index during the 1,500 days preceding March 10, 2006, can be downloaded from the authors web site. Calculate the one-day 99% VaR and the one-day 99% ES on March 10,...
-
PLEASE ANSWER ALL THE QUESTIONS, I WILL RATE GOOD. 1. OPTIONS: The shadow prices remain valid because the total change is less than 100%. The shadow prices do not remain valid because the total...
-
You are also told that the prevailing risk free rate is 4%, the market risk premium is 5%, and MM has a of 0.8. With all this as a backdrop, show that MM's stock is correctly priced at $25/share.
-
Shown below is a recent income statement for B-D Electric. B-D ELECTRIC Income Statement For the Year Ended January 31, Year 2 Net sales $ 7,500,000 Less: Cost of goods sold 4,100,000 Gross profit $...
-
In the current year, Aveeno reported net income of $57,680, which was a 12% increase over prior year net income. Compute prior year net income. Prior year net income
-
What is the time complexity of the following algorithm: m=a i=1 while (i
-
Bike-O-Rama produces two bike models: Voltage and EasyRider. Departmental overhead data follow. Department Fabricating Assembly Required: Budgeted Cost $ 135,800 144,000 Allocation Base Machine hours...
-
Consider a 2-factor model for stock market. You are given the following data on risk free asset and two well-diversified porfolios: Asset Risk free Average Return Factor-1 beta Factor-2 beta 4% 0 0...
-
In Problems 1522, find the principal needed now to get each amount; that is, find the present value. To get $750 after 2 years at 2.5% compounded quarterly.
-
What are the four major sections of the ratio analysis report?
-
Make use of the data in Sample Problem 3-S to describe the integration that would take place when the following transaction is entered into the computer: Ordered3 SPOTLESS Washers at $300.00 each...
-
Write the answers to the following questions in the space provided. What is the result of using the calculator to find 3% of $6,589.00?
-
Find the following properties for oxygen at \(298 \mathrm{~K}\) and \(1 \mathrm{~atm}\) based on the kinetic theory of gases. (a) The average speed of the molecules. (b) The r.m.s. value of the...
-
The simple formula \(C_{p}=(5 / 2) R\) (molar units) is valid only for monatomic gases. A simple extension that has been suggested is \[C_{p}=\left(5+N_{\mathrm{r}} ight) \frac{1}{2} R\] where...
-
Show the details leading to the equation (1.52) in the text, \[D_{\mathrm{AA}}=\frac{1}{3} \bar{c} \lambda\] where \(D_{\mathrm{AA}}\) is the self-diffusion coefficient.
Study smarter with the SolutionInn App