Business, 22.02.2020 03:22 smallp0720

The cost of materials transferred into the Bottling Department of Mountain Springs Water Company is $32,400, with $26,000 from the Purifying Department, plus an additional $6,400 from the materials storeroom. The conversion cost for the period in the Bottling Department is $8,750 ($3,750 factory applied and $5,000 direct labor). The total cost transferred to finished goods for the period was $31,980. The Bottling Department had a beginning inventory of $1,860. Required:

a. Journalize the entries to record the cost of transferred-in materials, conversion costs, and the cost transferred out to finished goods. Refer to the Chart of Accounts for exact wording of account titles.
b. Determine the balance of Work in Process—Bottling at the end of the period.

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Answer from: jfefeferf

Explanation:

Bottling dept CostsAmt $

Beginning Inventory 1,860

Materials costs

Add Material_purifying 26,000

Stores Materials 6,400

Conversion costs

Direct Labor 5,000

Fact OH applied 3,750

Total Production cost 43,010

Transferred out to FG 31,980

WIP in Bottling 11,030

Journal Entry

AccountDr $Cr $

1Materials transfer In

WIP Bottling (Materials) 26,000

Transfer out Purify to Bottling 26,000

( materials trsfd from Purifying to bottling)

Inventory 6,400

WIP Bottling (Materials) 6,400

(Materials issue from stores)

2Coversion costs

WIP Bottling (direct labor) 5,000

Direct wages Payable 5,000

(direct labor cost )

WIP Bottling (Overhead applied) 3,750

Overhead Control A/C 3,750

(OH applied)

3Transfer Out

Finished Goods 31,980

WIP Bottling 31,980

WIP in bottling at month end is$ 11,030.00

Answer from: Quest

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Answer from: Quest

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