Warner company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. supporting records show that (a) the assembly department used $24,000 of raw materials and $35,000 of the factory labor, and (b) the finishing department used the remainder. journalize the assignment of the costs to the processing departments on march 31.

WIP Assembly  DEBIT 24,000

WIP Finishing   DEBIT 26,000

Raw materials Inventory CREDIT 50,000

WIP Assembly  DEBIT 35,000

WIP Finishing   DEBIT 25,000

    Wages Payable CREDIT 60,000

Explanation:

Our first goal is to calculate the diference to get the finishing values

50,000 raw materials

assembly 24,000

50,000 - 24,000 = 26,000

Finishing 26,000

60,000 labor cost

Assembly 35,000

60,000 - 35,000 = 25,000

Finishing 25,000

Now we proceed to do the entries:

WIP Assembly  DEBIT 24,000

WIP Finishing   DEBIT 26,000

Raw materials Inventory CREDIT 50,000

WIP Assembly  DEBIT 35,000

WIP Finishing   DEBIT 25,000

    Wages Payable CREDIT 60,000

Important: There is no information about a finished goods or transfer from one process to another, so we should assume both are still in progress and no transfer to either one or finished goods were made.

So the values are transfer to the WIP of each department.

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