Business, 26.07.2020 01:01, india73

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

Answers: 1

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answered: reneebrown017

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)

answered: Guest

explanation:

answered: Guest

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Zang Co. manufacturers its products in a continuous process involving two departments, Machining and...