Knowledge about Accounting problem
Fiedel Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2008, inventories consisted of Raw Materials $26,000,Work in Process?Mixing $0, Work in Process?Packaging $250,000, and Finished Goods $289,000. The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 50,000 units were started into production in the Mixing Department and the following transactions were completed.
1.
Purchased $300,000 of raw materials on account.
2.
Issued raw materials for production: Mixing $210,000 and Packaging $45,000.
3.
Incurred labor costs of $248,900.
4.
Used factory labor: Mixing $182,500 and Packaging $66,400.
5.
Incurred $790,000 of manufacturing overhead on account.
6.
Applied indirect manufacturing overhead on the basis of $22 per machine hour. Machine hours were 28,000 in Mixing and 6,000 in Packaging.
7.
Transferred 45,000 units from Mixing to Packaging at a cost of $979,000.
8.
Transferred 53,000 units from Packaging to Finished Goods at a cost of $1,315,000.
9.
Sold goods costing $1,640,000 for $2,500,000 on account.
Instructions
Journalize the October transactions. (List multiple debit/credit entries in descending order of amount.
This question has the following supporting file(s):
- qprint.uni.html
File Viewer (Click To Zoom)
$2.19 
This answer includes:
- Plain text
- Cited sources when necessary
- Attached file(s)
- Brainmass - 282274.doc
Active since 2005
Responses 1102
Extracted Content from Question Files:
- qprint.uni.html
Print by: Mariel Hixenbaugh
Financial & Managerial Acct Terms 1 & 2- BV F09 / Problem 21-3A
P21-3A
Fiedel Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All
materials are entered at the beginning of each process. On October 1, 2008, inventories consisted of Raw Materials
$26,000,Work in Process—Mixing $0, Work in Process—Packaging $250,000, and Finished Goods $289,000. The
beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully
complete as to materials. During October, 50,000 units were started into production in the Mixing Department and the
following transactions were completed.
1. Purchased $300,000 of raw materials on account.
2. Issued raw materials for production: Mixing $210,000 and Packaging $45,000.
3. Incurred labor costs of $248,900.
4. Used factory labor: Mixing $182,500 and Packaging $66,400.
5. Incurred $790,000 of manufacturing overhead on account.
6. Applied indirect manufacturing overhead on the basis of $22 per machine hour. Machine hours were 28,000 in
Mixing and 6,000 in Packaging.
7. Transferred 45,000 units from Mixing to Packaging at a cost of $979,000.
8. Transferred 53,000 units from Packaging to Finished Goods at a cost of $1,315,000.
9. Sold goods costing $1,640,000 for $2,500,000 on account.
Instructions
Journalize the October transactions. (List multiple debit/credit entries in descending order of amount.)
Description/Account Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
(To record sales.)
(To record cost of goods sold.)
Question Attempts: Unlimited
Copyright © 2000-2009 by John Wiley & Sons, Inc. or related companies. All rights reserved.
"How are the cash sales computed in step 1? The credit is 60% of the actual and budgeted sales but the cash is not 40% of the actual and budgeted sales."
"thank you very much"
"I want to thank you for all your help and patiences with me. I have added you to my favorite Expert and look forward to working with you in the near future. Thank you.."
"Thank you so much for helping me understand how to solve."
"Thanks Buddy!!!"