ACCT 1398 Lecture Notes - Lecture 4: Poblano

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9 Jun 2018

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La liebre y la tortuga

Autor: Fábulas de Ésopo



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Related Questions

Problem 4-16 Cost Flows [LO1]

Natureâs Way, Inc., keeps one of its production facilities busymaking a perfume called Essence de la Vache. The perfume goesthrough two processing departments: Blending and Bottling.

The following incompleteWork in Process account is provided for the Blending Department forMarch:

Work in ProcessâBlending


March 1 balance	33,500	Completed and transferred to Bottling (760,000ounces)	?
Materials	138,600
Direct labor	63,200
Overhead	477,000

March 31 balance	?

The $33,500 beginning inventory inthe Blending Department consisted of the following elements:materials, $8,100; direct labor, $3,600; and overhead applied,$21,800.

Costs incurred during March in theBottling Department were: materials used, $45,000; direct labor,$16,800; and overhead cost applied to production, $106,000.

Required:

1.	Prepare journal entries to record the costs incurred in both theBlending Department and Bottling Department during March.(Omit the "$" sign in your response.)

a.	Raw materialswere issued for use in production.
b.	Direct laborcosts were incurred.
c.	Manufacturing overhead costs for the entire factory wereincurred, $626,000. (Credit Accounts Payable and use a singleManufacturing Overhead control account for the entire factory.)
d.	Manufacturingoverhead was applied to production using a predetermined overheadrate.
e.	Units that were complete with respect to processing in theBlending Department were transferred to the Bottling Department,$642,000.
f.	Units that were complete with respect to processing in theBottling Department were transferred to Finished Goods,$710,000.
g.	Completed unitswere sold on account for $1,450,000. The cost of goods sold was$600,000.

greenmoose823

Hello, someone posted the answers (below) to my question. ButI'd like someone to explain how they arrived at each of the numbersin the journal entries so I can learn how to figure it out on myown later. Thanks in advance for your help.

Problem 4-16 Cost Flows [LO1]

Natureâs Way, Inc., keeps one of its production facilities busymaking a perfume called Essence de la Vache. The perfume goesthrough two processing departments: Blending and Bottling.

The following incompleteWork in Process account is provided for the Blending Department forMarch:

Work in ProcessâBlending


March 1 balance	33,500	Completed and transferred to Bottling (760,000ounces)	?
Materials	138,600
Direct labor	63,200
Overhead	477,000

March 31 balance	?

The $33,500 beginning inventory inthe Blending Department consisted of the following elements:materials, $8,100; direct labor, $3,600; and overhead applied,$21,800.

Costs incurred during March in theBottling Department were: materials used, $45,000; direct labor,$16,800; and overhead cost applied to production, $106,000.

Required:

1.	Prepare journal entries to record the costs incurred in both theBlending Department and Bottling Department during March.(Omit the "$" sign in your response.)

a.	Raw materialswere issued for use in production.
b.	Direct laborcosts were incurred.
c.	Manufacturing overhead costs for the entire factory wereincurred, $626,000. (Credit Accounts Payable and use a singleManufacturing Overhead control account for the entire factory.)
d.	Manufacturingoverhead was applied to production using a predetermined overheadrate.
e.	Units that were complete with respect to processing in theBlending Department were transferred to the Bottling Department,$642,000.
f.	Units that were complete with respect to processing in theBottling Department were transferred to Finished Goods,$710,000.
g.	Completed unitswere sold on account for $1,450,000. The cost of goods sold was$600,000.

Expert Answer

		Debit	Credit
a)	Work in process (Bottling)	$ 45,000
	Work in process (Blending)	$ 138,600
	Raw materials		$ 183,600
	Raw materials used for production

b)	Work in process (Bottling)	$ 16,800
	Work in process (Blending)	$ 63,200
	Salaries payable		$ 80,000
	Direct labor cost incurred on production

c)	Manufacturing overheads	$ 626,000
	Accounts payable		$ 626,000
	Incurred Manufacturing overhead costs forthe entire factory for $626,000

d)	Work in process (Bottling)	$ 106,000
	Work in process (Blending)	$ 477,000
	Manufacturing Overheads		$ 583,000
	Manufacturing overhead applied to production

e)	Work in process - Bottling	$ 642,000
	Work in process - (Blending)		$ 642,000
	Units transferred to Bottling

f)	Finshed goods	$ 710,000
	Work in process - Bottling		$ 710,000
	Units transferred to finished goods

g)	Accounts receivable	$1,450,000
	Sales		$1,450,000
	Goods sold on account

	Cost of goods sold	$ 600,000
	Finished Goods		$ 600,000
	Cost of goods sold worth $600,000

harlequingrasshopper250

Marley Corporation makes three products (X, Y, & Z) with thefollowing characteristics:

	Products
	X		Y		Z
Selling price per unit	$	10	$	15	$	20
Variable cost per unit	$	6	$	10	$	10
Machine hours per unit		2		4		10

The company has a capacity of 2,000 machine hours, but there isvirtually unlimited demand for each product. In order to maximizetotal contribution margin, how many units of each product shouldthe company produce?

Multiple Choice

0 units of X, 500 units of Y, and 0 units of Z

2,000 units of X, 500 units of Y, and 200 units of Z

1,000 units of X, 0 units of Y, and 0 units of Z

0 units of X, 0 units of Y, and 200 units of Z

sangrialocust956

ACCT 1398 Lecture Notes - Lecture 4: Poblano

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