Irvine Company Uses Process Costing

question 73

Essay

Irvine Company uses process costing.The following data are available for the month of June.
(a) Materials purchased, $800,000.
(b) Materials used: Direct materials: Department A $250,000, Department B $230,000.Indirect materials: $20,000.
(c) Factory payroll incurred, $600,000: Direct labor: Department A $300,000, Department B $200,000.Indirect labor: $100,000.
(d) Other factory overhead incurred, $30,000: Power and light $2,000, Depreciation $20,000, Property tax $5,000, Insurance $3,000.
(e) Factory overhead cost was allocated equally to Department A and DepartmentB.
(f) Department A completed and transferred to department B $600,000.
(g) Department B completed and transferred to Finished Goods Inventory account $1,000,000.
Required:
(1) Prepare journal entries for June activities in Irvine Company.
(2) Compute ending working-in-process inventories in Department A and Department

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Definitions:

Cardiac Cycle

Refers to the complete heart beat from its generation to the beginning of the next beat, encompassing the contraction and relaxation phases of the heart.

Atria

The two upper chambers of the heart, which receive blood from the veins and pump it to the ventricles.

Ventricles

Chambers of the heart that receive blood from the atria and pump it out to the lungs and systemic circulation, or the central cavities in the brain that produce and store cerebrospinal fluid.

ECG Pattern

The visual representation of the electrical activity of the heart recorded by electrocardiography, showing the heart's rhythm and function.