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Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Culver had the following transactions during the current month: (a) Purchased materials for $58,000 on account. (b) Direct materials requisitioned for production were: Direct materials Mixing department $23,200 Finishing department 16,240 Incurred labor costs of $85,840. Factory labor used: Mixing department $51,040 Finishing department 34,800 Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-464 machine hours at $30 per machine hour. Finishing department-580 machine hours at $20 per machine hour. (1) Units costing $64,960 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $81,200 were completed in the Finishing Department and were transferred to finished goods. (h) Finished goods costing $46,400 were sold on account for $63,800. Prepare the journal entries to record the preceding transactions for Culver Company. (Credit account titles are automatically indented (c) (d) D

Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Culver had the following transactions during the current month: (a) Purchased materials for $58,000 on account. (b) Direct materials requisitioned for production were: Direct materials Mixing department $23,200 Finishing department 16,240 Incurred labor costs of $85,840. Factory labor used: Mixing department $51,040 Finishing department 34,800 Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-464 machine hours at $30 per machine hour. Finishing department-580 machine hours at $20 per machine hour. (1) Units costing $64,960 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $81,200 were completed in the Finishing Department and were transferred to finished goods. (h) Finished goods costing $46,400 were sold on account for $63,800. Prepare the journal entries to record the preceding transactions for Culver Company. (Credit account titles are automatically indented (c) (d) D

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...
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View Policies Current Attempt in Progress Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Culver had the following transactions during the current month: (a) Purchased materials for $58,000 on account. (b) Direct materials requisitioned for production were: Direct materials Mixing department $23,200 16,240 Finishing department Incurred labor costs of $85,840. Factory labor used: Mixing department $51,040 Finishing department 34,800 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-464 machine hours at $30 per machine hour. Finishing department-580 machine hours at $20 per machine hour. () Units costing $64,960 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $81,200 were completed in the Finishing Department and were transferred to finishe goods. (h) Finished goods costing $46,400 were sold on account for $63,800. Prepare the journal entries to record the preceding transactions for Culver Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) (c) (d)
Transcribed Image Text:View Policies Current Attempt in Progress Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. Culver had the following transactions during the current month: (a) Purchased materials for $58,000 on account. (b) Direct materials requisitioned for production were: Direct materials Mixing department $23,200 16,240 Finishing department Incurred labor costs of $85,840. Factory labor used: Mixing department $51,040 Finishing department 34,800 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-464 machine hours at $30 per machine hour. Finishing department-580 machine hours at $20 per machine hour. () Units costing $64,960 were completed in the Mixing Department and were transferred to the Finishing Department. Units costing $81,200 were completed in the Finishing Department and were transferred to finishe goods. (h) Finished goods costing $46,400 were sold on account for $63,800. Prepare the journal entries to record the preceding transactions for Culver Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) (c) (d)
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