Record the Following Process Costing Transactions in the General Journal

question 175

Essay

Record the following process costing transactions in the general journal:
a. Purchase of raw materials on account, $27,000
b. Requisition of direct materials to:
Assembly Department, $12,000
Finishing Department, $8,000
c. Incurrence and payment of manufacturing labour, $32,500
d. Incurrence of manufacturing overhead costs:
Property taxes-plant, $5,500
Utilities-plant, $13,500
Insurance-plant, $3,300
Depreciation-plant, $10,000
e. Assignment of conversion costs to the Assembly Department:
Direct labour, $14,000
Manufacturing overhead, $9,500
f. Assignment of conversion costs to the Finishing Department:
Direct labour, $12,000
Manufacturing overhead, $18,500
g. Cost of goods completed and transferred out of the Assembly Department
to the Finishing Department, $31,500
h. Cost of goods completed and transferred out of the Finishing Department
into Finished Goods Inventory, $46,700

---

Definitions:

Demographic Data

Collected statistical data about the characteristics of a population, such as age, sex, income level, and education, for analysis and policy-making.

U.S. Census Bureau

A principal agency of the U.S. Federal Statistical System responsible for producing data about the American people and economy.

Malthusian Theorem

The theory that exponential growth in population will outpace arithmetic growth in food production and other resources.

Demographic Transition

A theory about change over time from high birth and death rates to low birth and death rates, resulting in a stabilized population.