Process Costing I. Journalize the following transactions:
1. Madison Co. Purchased $225,500 of raw materials on account.
2. Actual manufacturing overhead costs include:
a. Utilities: $2800 b. Depreciation on equipment: $12,650 c. Repairs on account:
$3200 d. Rent paid:$6,000 e. Insurance (prepaid policy): $3350.
3.Madison Co. issued $75,500 of material to Process A.
4. Assigned $18,000 to factory labor, of which 12,000 is indirect labor
5. Manufacturing Overhead costs are applied at 82% of material issued
6. Balance in WIP - A is transferred to Process B
7. $51,000 of material is issued to Process B
8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor
9. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of
material issued (to process B)
10. Actual manufacturing overhead costs paid totaled $39,500; manufacturing
overhead costs charged to accounts payable totaled $1,500
11. Balance of Process B is transferred to Finished Goods
12. The cost transferred to finished goods include 62,500 units. Calculate the cost
per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash;
they sold 4,125 units for $24,500 on account
13. Determine over or under applied manufacturing overhead and prepare adjusting
entry

1. gdp is calculated by summing consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period the dollar value of all final goods and services produced within the borders of a given country during a specific period government expenditures within the borders of a given country during a specific period the quantity of all final goods and services produced within the borders of a given country during a specific period

Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?