Question & Answer: Record the following process costing transactions in the general journal: Purchase of raw materials on account, $9, 300 Requisit…..

APTER 5 E5-31A Record journal entries (Learning Objective 4) Record the following process costing transactions in the general journal: a. Purchase of raw materials on account, $9,300 b. Requisition of direct materials to Assembly Department, $4,300 Finishing Department, $2,400 Incurrence and payment of direct labor, $10,500 (these costs should be debited to c. WIP Inventory-Assembly) d. Incurrence of manufacturing overhead costs (unpaid): Property taxes-plant, $1,800 Utilities-plant, $4,800 Insurance-plant, $1,700 Depreciation-plant, $3,800 e. Assignment of conversion costs to the Assembly Department: Direct labor, $5,000 Manufacturing overhead, $2,600 Assignment of conversion costs to the Finishing Department: Direct labor, $4,700 Manufacturing overhead, $6,600 Cost of goods completed and transferred out of the Assembly Department to the Finishing Department, $10,500 f. g. h. Cost of goods completed and transferred out of the Finishing Department into Finished Goods Inventory, $15,600 E5-32A Compute equivalent units and assign costs (Learning Objectives 2, 3, &4)

Record the following process costing transactions in the general journal: Purchase of raw materials on account, $9, 300 Requisition of direct materials to Assembly Department, $4, 300 Finishing Department, $2, 400 Incurrence and payment of direct labor, $10, 500 (these costs should be debited to WIP Inventory-Assembly) Incurrence of manufacturing overhead costs (unpaid): Property taxes-plant, $1, 800 Utilities-plant, $4, 800 Insurance-plant, $1, 700 Depreciation-plant, $3, 800 Assignment of conversion costs to the Assembly Department: Direct labor, $5, 000 Manufacturing overhead, $2, 600 Assignment of conversion costs to the Finishing Department: Direct labor, $4, 700 Manufacturing overhead, $6, 600 Cost of goods completed and transferred out of the Assembly Department to the Finishing Department, $10, 500 Cost of goods completed and transferred out of the Finishing Department into Finished Goods Inventory, $15, 600

Expert Answer

a	Raw material inventory	9300
	Accounts payable		9300

b	WIP Assembly department	4300
	WIP Finishing department	2400
	Raw material inventory		6700

c	Factory direct labor cost	10500
	Cash		10500
	(The note attached to the item says this relates entirely to the WIP-Assembly
	department. But, item ‘e’ again gives Direct labor pertaining to Assembly
	as $5000. Hence, this entry has been taken as the entry for incurring of direct
	labor cost and ‘d’ and ‘e’ have been taken as the tracing of that cost to the depts).

d	Manufacturing overhead (1800+4800+1700)	8300
	Accounts payable		8300

	Manufacturing overhread	3800
	Accumulated depreciation		3800

e	WIP Assembly department	7600
	Factory direct labor cost		7600

f	WIP Finishing department	11300
	Factory direct labor cost		4700
	Manufacturing overhead		6600

g	WIP Finishing department	10500
	WIP Assembly department		10500

h	Finished goods inventory	15600
	WIP Finishing department		15600

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