Shamrock 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 $ 89,000 Direct labor 30,000 Manufacturing overhead applied 39,000 Total costs to account for in June $ 158,000 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 entry to summarize the total manufacturing costs applied to production in June. b. Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse in June. c. Prepare the journal entries to record the sale of 10,000 units manufactured during the period and the related cost of goods sold.

Explanation:

Cost         Current   Complete    Closing WIP    Equivellant     Cost per Unit  

Material   89,000     13,250             -                        13,250   6.7170  

Flavour   30,000     13,250             -                        13,250   2.2642  

OH   39,000     13,250             -                        13,250   2.9434  

                                                                        11.92

Complete  13,250   11.92   158,000  

A)

WIP 158000

     material    89000

      labor         30000

      M.O.H       39000

B)

Inventory                     158000

      WIP                              158000

transfer the wip in to stock  

C)

Cash   250000

      Revenue  250000

to record the revenue

Cost of goods sold   (10000*11.92)    119200

                  Inventory            (10000*11.92)    119200      

To record the cost of goods sold

the answer would be price fixing, hope it