During August, the following transactions were recorded at Goyer Corporation.The company uses process costing. (1) Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials.
(2) Direct labor costs of $29,000 are incurred, but not yet paid, in the Assembly Department.
(3) Manufacturing overhead of $58,900 is applied in the Assembly Department using the department’s predetermined overhead rate.
(4) Units with a carrying cost of $101,200 finish processing in the Assembly Department and are transferred to the Painting Department for further processing.
(5) Units with a carrying cost of $106,100 finish processing in the Painting Department, the final step in the production process, and are transferred to the finished goods warehouse.
(6) Finished goods with a carrying cost of $95,100 are sold.

Required:
Prepare journal entries for each of the transactions listed above.

Question

During August, the following transactions were recorded at Goyer Corporation.The company uses process costing. (1)	Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials.
(2)	Direct labor costs of $29,000 are incurred, but not yet paid, in the Assembly Department.
(3)	Manufacturing overhead of $58,900 is applied in the Assembly Department using the department’s predetermined overhead rate.
(4)	Units with a carrying cost of $101,200 finish processing in the Assembly Department and are transferred to the Painting Department for further processing.
(5)	Units with a carrying cost of $106,100 finish processing in the Painting Department, the final step in the production process, and are transferred to the finished goods warehouse.
(6)	Finished goods with a carrying cost of $95,100 are sold.

Required: 
Prepare journal entries for each of the transactions listed above.

Quizplus · Accepted Answer

The Answer of During August, the following transactions were recorded at Goyer Corporation.The company uses process costing. (1)	Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials.
(2)	Direct labor costs of $29,000 are incurred, but not yet paid, in the Assembly Department.
(3)	Manufacturing overhead of $58,900 is applied in the Assembly Department using the department’s predetermined overhead rate.
(4)	Units with a carrying cost of $101,200 finish processing in the Assembly Department and are transferred to the Painting Department for further processing.
(5)	Units with a carrying cost of $106,100 finish processing in the Painting Department, the final step in the production process, and are transferred to the finished goods warehouse.
(6)	Finished goods with a carrying cost of $95,100 are sold.

Required: 
Prepare journal entries for each of the transactions listed above.

During August, the Following Transactions Were Recorded at Goyer Corporation