Zang Co. manufacturers its products in a continuous process involving two departments, Machining and Assembly. Present entries to record the following selected transactions related to production during June: For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

a. Materials purchased on account, $180,000.

b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials.

c. Direct labor used by Machining, $23,000, Assembly, $47,000.

d. Depreciation expenses: Machining, $4,500; Assembly, $7,800.

e. Factory overhead applied: Machining, $9,700; Assembly, $11,300.

f. Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods.

g. Sold goods on account, $100,000. Cost of goods sold, $68,000

Answer and Explanation:

The Journal entry is shown below:-

a. Material Inventory  Dr, $180,000

    To Accounts Payable $180,000

(Being Material Purchased is recorded)

b.  Work in progress Machining Dept.  Dr, $73,000

Manufacturing Overheads Machining Dept.  Dr, $9,000

Manufacturing Overheads Assembly Dept. Dr, $4,900

        To Material Inventory  $86,900

(Being Material issued to department is recorded)

c. Work in progress Machining Dept.  Dr, $23,000

    Work in progress Assembly Dept.  $47,000

           To Wages Payable  $70,000

(Being Direct Labor used is recorded)

d.  Manufacturing Overheads Machining Dept.  Dr, $4,500

  Man. Overheads Assembly Dept.  Dr, $7,800

              To Depreciation Expense  $12,300

(Being Depreciation allocated is recorded)

e.  Work in progress Machining Dept.  Dr, $9,700

Work in progress Assembly Dept. Dr, $11,300

        To Manufacturing Overheads Machining Dept.  $9,700

        To Manufacturing Overheads Assembly Dept.  $11,300

(Being Factory overheads applied is recorded)

f. Work in progress Assembly Dept.  Dr, $98,300

        To Work in progress Machining Dept.  $98,300

(Being WIP Transferred is recorded)

Finished Goods Inventory  Dr, $83,400

         To Work in progress Assembly Dept.  $83,400

(Being Finished goods transferred is recorded)

g. Accounts Receivables  Dr, $100,000

         To Sales  $100,000

(Being Goods sold on account is recorded)

Cost of Goods sold  Dr, $68,000

              To Finished Goods Inventory   $68,000

(Being Goods sold is recorded)

moschino logo plaques womens high top sneaker red

shop 2018 moschino outlet online store, buy moschino logo plaques womens high top sneaker red with big discount, fast delivery and free worldwide