Question

Question 8 Kirk Manufacturing Company has two productiondepartments: Cutting and Assembly. July 1 inventories are RawMaterials $4,195, Work in Process-Cutting $3,166, Work inProcess-Assembly $10,505, and Finished Goods $31,303. During July,the following transactions occurred. Purchased $62,915 of rawmaterials on account. Incurred $56,229 of factory labor. (CreditWages Payable.) Incurred $70,007 of manufacturing overhead; $39,645was paid and the remainder is unpaid. Requisitioned materials forCutting $15,690 and Assembly $8,511. Used factory labor for Cutting$28,785 and Assembly $26,986. Applied overhead at the rate of $16per machine hour. Machine hours were Cutting 1,497 and Assembly2,124. Transferred goods costing $67,741 from the CuttingDepartment to the Assembly Department. Transferred goods costing$134,900 from Assembly to Finished Goods. Sold goods costing$150,012 for $200,433 on account. Instructions Journalize thetransactions. (For multiple debit/credit entries, list amounts fromlargest to smallest e.g. 10, 5, 3, 2.) Description/Account DebitCredit 1. 62915 62915 2. 56229 56229 3. 70007 39645 30362 4. 5. 6.7. 8. 9. 150012 150012 (To record cost of goods sold.) 200433200433 (To record sales.)

 



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