Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 8.00

Lawson Company

JOURNAL ENTRIES Lawson Company has three process departments: mixing, encapsulating, and bottling. At the beginning of the fiscal year (July 1), there were no work-in-process or finished goods inventories. The following data are available for the month of July:

Department

Manufacturing Costs Added*

Ending Work in Process

Mixing

$540,000

$135,000

Encapsulating

495,000

112,500

Bottling

450,000

22,500

*Includes only the direct materials, direct labor, and the overhead used to process the partially finished goods received from the prior department. The transferred-in cost is not included.

Required:

1. Prepare journal entries that show the transfer of costs from one department to the next (including the entry to transfer the costs of the final department).

2. Prepare T-accounts for the entries made in Requirement 1. Use arrows to show the flow of costs.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 09:07 PM My Price 8.00

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