Hlp ave Exit Submit Check my work Industries uses process c

Hlp ave & Exit Submit Check my work Industries uses process costing. All of the company\'s manufacturing activities take place in a single processing department. The following information was available for the month of June. Direct materials Direct labor Manufacturing overhead applied Total costs to account for in June 5 77,aee 29, 800 38, 830 $ 144, 8e The amounts of work in process at the beginning and end of the month were immaterial and assigned no dollar value. During June, 13,250 units were completed, of which 10,000 were sold on account at $25 per unit. a. Prepare a journal ent c. Prepare the journal entries ry to summarize the total manufacturing costs applied to production in June. rocess to the finished goods warehouse in June. the journal entry to transfer completed units from work in p to record the sale of 10,000 units manufactured during the period and the related cost of goods sold Complete this question by entering your answers in the tabs below Required A Required B Required C Prepare a journal entry to summarize the total manufacturing costs applied to production in June. (If no entry is required for a transaction/event, select \"No journal entry required\" in the first account field.) 3 of 3 Next Prey

Solution

Journal Entries Date ACCT Title and explanation Debit Credit 1) Work in Process $1,44,000           To Direct Material $77,000            To Direct Labour $29,000            To Manufacturing Overhead $38,000 (To transfer the cost direct material , Direct labour Manufacturing overhead to WIP) 2) Finished Goods $1,44,000         To Work in Process $1,44,000 (Transfer the Expenses of WIP to finished Goods) Cash or Account Recivable (10000 untis X $ 25 per unit) $2,50,000 3)           To Sales $2,50,000 (To Record the sale of finished Goods) Cost of Goods Sold ($ 144,000 X 10,000/13,250) $1,08,679 4)     To Finished Goods $1,08,679 (To Record the transfer of Finished goods to Cost of Goods Sold)