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Question

$10.00 Managerial Accounting - Journalizing

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williats25
williats25
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Q:

Fiedel Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2008, inventories consisted of Raw Materials $26,000, Work in Process—Mixing $0, Work in Process—Packaging $250,000, and Finished Goods $289,000. The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 50,000 units were started into production in the Mixing Department and the following transactions were completed.

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1.  
Purchased $300,000 of raw materials on account.
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2.  
Issued raw materials for production: Mixing $210,000 and Packaging $45,000.
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3.  
Incurred labor costs of $248,900.
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4.  
Used factory labor: Mixing $182,500 and Packaging $66,400.
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5.  
Incurred $790,000 of manufacturing overhead on account.
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6.  
Applied manufacturing overhead on the basis of $22 per machine hour. Machine hours were 28,000 in Mixing and 6,000 in Packaging.
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7.  
Transferred 45,000 units from Mixing to Packaging at a cost of $979,000.
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8.  
Transferred 53,000 units from Packaging to Finished Goods at a cost of $1,315,000.
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9.  
Sold goods costing $1,604,000 for $2,500,000 on account.

Journalize the October transactions.
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