Record the Following Process Costing Transactions in the General Journal

question 161

Essay

Record the following process costing transactions in the general journal:
a. Purchase of raw materials on account, $18,000
b. Requisition of direct materials to:
Assembly Department, $8,000
Finishing Department, $4,000
c. Incurrence and payment of manufacturing labour, $21,600
d. Incurrence of manufacturing overhead costs:
Property taxes-plant, $3,800
Utilities-plant, $9,000
Insurance-plant, $2,200
Depreciation-plant, $6,800
e. Assignment of conversion costs to the Assembly Department:
Direct labour, $9,400
Manufacturing overhead, $5,800
f. Assignment of conversion costs to the Finishing Department:
Direct labour, $8,800
Manufacturing overhead, $12,400
g. Cost of goods completed and transferred out of the Assembly Department to the
Finishing Department, $20,500
h. Cost of goods completed and transferred out of the Finishing Department
into Finished Goods Inventory, $31,200

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Definitions:

Oxytocin

A hormone and neurotransmitter often associated with social bonding, childbirth, and lactation.

Cortisol

A hormone released by the adrenal glands in response to stress, which can increase blood sugar and suppress the immune system.

Adrenaline

A hormone and neurotransmitter also known as epinephrine, released by the adrenal glands, that increases heart rate, muscle strength, blood pressure, and sugar metabolism in response to stress.

Endorphins

Chemicals produced by the body to relieve stress and pain, acting similarly to painkillers.