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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
6-34Â Â Â Journal Entries NYI Corporation manufactures decorative window glass in two sequential depart- ments. These data pertain to the month of August:
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|
  Direct materials used for production |
Department 1 $ 55,000 |
Department 2 $ 32,000 |
|
Direct labor |
160,000 |
320,000 |
|
Applied factory overhead |
340,000 |
250,000 |
|
Costs of goods completed and transferred |
850,000 |
740,000 |
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Required  Prepare journal entries to record these events:
1.   Incurrence of direct materials and direct labor. Application of factory overhead in department 1.
2.   Transfer of products from department 1 to department 2.
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3.   Incurrence of direct materials and direct labor. Application of factory overhead in department 2.
4.   Transfer of complete products from department 2 to finished goods inventory.
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