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Category > Management Posted 15 Jun 2017 My Price 11.00

G&P Soap Company manufactures powdered detergent

G&P Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On May 1, G&P Soap Company had the following inventories:

Departmental accounts are maintained for factory overhead, which both have zero balances on May 1.

Manufacturing operations for May are summarized as follows:

1.Journalize the entries to record the operations, identifying each entry by letter. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

 

Item Account Debit Credit
a. SelectAccounts PayableFactory Overhead-Making DepartmentMaterialsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 1    
  SelectAccounts PayableFactory Overhead-Making DepartmentMaterialsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 3    
 
b. SelectAccounts PayableCost of Goods SoldFinished GoodsMaterialsWork in Process-Making DepartmentItem 5    
  SelectAccounts PayableCost of Goods SoldFinished GoodsMaterialsWork in Process-Packing DepartmentItem 8    
  SelectAccounts PayableCost of Goods SoldFactory Overhead-Making DepartmentFinished GoodsMaterialsItem 11    
  SelectAccounts PayableCost of Goods SoldFactory Overhead-Packing DepartmentFinished GoodsMaterialsItem 14    
  SelectAccounts PayableCost of Goods SoldFinished GoodsMaterialsWork in Process-Packing DepartmentItem 17    
 
c. SelectCost of Goods SoldFinished GoodsMaterialsWages PayableWork in Process-Making DepartmentItem 20    
  SelectCost of Goods SoldFinished GoodsMaterialsWages PayableWork in Process-Packing DepartmentItem 23    
  SelectAccounts PayableCashFactory Overhead-Making DepartmentFinished GoodsMaterialsItem 26    
  SelectCost of Goods SoldFactory Overhead-Packing DepartmentFinished GoodsMaterialsWages PayableItem 29    
  SelectCost of Goods SoldFactory Overhead-Making DepartmentFinished GoodsWages PayableWork in Process-Making DepartmentItem 32    
 
d. SelectAccumulated DepreciationDepreciation ExpenseFactory Overhead-Making DepartmentWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 35    
  SelectAccumulated DepreciationDepreciation ExpenseFactory Overhead-Packing DepartmentWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 38    
  SelectAccumulated DepreciationCashFactory Overhead-Making DepartmentFactory Overhead-Packing DepartmentWork in Process-Packing DepartmentItem 41    
 
e. SelectFactory Overhead-Making DepartmentFinished GoodsMaterialsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 44    
  SelectFactory Overhead-Packing DepartmentFinished GoodsPrepaid InsuranceWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 47    
  SelectFactory Overhead-Making DepartmentFinished GoodsPrepaid InsuranceWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 50    
 
f. SelectCost of Goods SoldFactory Overhead-Making DepartmentFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Making DepartmentItem 53    
  SelectCost of Goods SoldFactory Overhead-Making DepartmentFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Packing DepartmentItem 56    
  SelectFactory Overhead-Making DepartmentFinished GoodsMaterialsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 59    
  SelectCost of Goods SoldFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 62    
 
g. SelectFactory Overhead-Making DepartmentFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 65    
  SelectFactory Overhead-Making DepartmentFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 67    
 
h. SelectCost of Goods SoldFactory Overhead-Packing Dept.Finished GoodsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 69    
  SelectFactory Overhead-Packing Dept.Finished GoodsMaterialsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 71    
 
i. SelectCost of Goods SoldFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 73    
  SelectCost of Goods SoldFactory Overhead-Packing DepartmentFinished GoodsWork in Process-Making DepartmentWork in Process-Packing DepartmentItem 75    

 

2.Compute the May 31 balances of the inventory accounts.

Materials $
Work in Process—Making Department $
Work in Process—Packing Department $
Finished Goods $

Answers

Maurice Tutor
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Status NEW Posted 15 Jun 2017 08:06 AM My Price 11.00

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