-Continuation- Required: 1. Prepare journal entries to record the cost incurred in both blending and bottling departments during December. (e) Manufacturing overhead was applied to production based on a predetermined overhead rate (f) Products that were complete as to processing in the blending department were transferred to the bottling department, P 7,220,000 (g) Products that were complete as to processing in the bottling department were transferred to finished goods P 9,200,000
-Continuation- Required: 1. Prepare journal entries to record the cost incurred in both blending and bottling departments during December. (e) Manufacturing overhead was applied to production based on a predetermined overhead rate (f) Products that were complete as to processing in the blending department were transferred to the bottling department, P 7,220,000 (g) Products that were complete as to processing in the bottling department were transferred to finished goods P 9,200,000
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question
-Continuation-
Required: 1. Prepare
(e) Manufacturing overhead was applied to production based on a predetermined overhead rate
(f) Products that were complete as to processing in the blending department were transferred to the bottling department, P 7,220,000
(g) Products that were complete as to processing in the bottling department were transferred to finished goods P 9,200,000
(I) Close Factory overhead - control and factory overhead - applied accounts to Cost of Goods sold account.
(j) Close sales to Income and expense summary
(k) Close close of goods sold to income and expense summary
(l) Close administrative and selling expenses to income and expense summary
(m) close income and expense summary to
Transcribed Image Text:Fragrance Inc. manufactures, the Queen's Secret, internationally branded world class perfume. The perfume goes through
two processing departments: blending and bottling. The company uses the weighted-average method to account for units
and costs.
The following incomplete Work in Process account is provided for the blending department for December, 2020
Work in Process - Blending
328,000 Complete and transferred to bottling (760,000 ml)
Dec 1, baln (40,000 ml;
?
Materials 100% complete
Conversion oosts, 80% complete
1,476,000
732,000
4,810,000
Direct Materials
Direct Labor
Overhead
Dec 31, bal, (30,000 ml;
Materials, 60% complete
Conversion Cost, 40% complete
?
The 328,000 figure for the beginnng inventory in the blending department consisted of the following cost elements:
materials, P 80,000, direct labor, P 40,000, and overhead applied, P 208,000
Costs incurred during December in the bottling department were: materials used, P 450,000; direct labor, P 170,000; and
overhead cost applied to produztion, P 1,080,000
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