Larney Corporation Uses Process Costing

question 33

Essay

Larney Corporation uses process costing.A number of transactions that occurred in June are listed below.
(1)Raw materials that cost $38,200 are withdrawn from the storeroom for use in the Mixing Department.All of these raw materials are classified as direct materials.
(2)Direct labor costs of $36,500 are incurred,but not yet paid,in the Mixing Department.
(3)Manufacturing overhead of $42,100 is applied in the Mixing Department using the department's predetermined overhead rate.
(4)Units with a carrying cost of $112,400 finish processing in the Mixing Department and are transferred to the Drying Department for further processing.
(5)Units with a carrying cost of $143,800 finish processing in the Drying Department,the final step in the production process,and are transferred to the finished goods warehouse.
(6)Finished goods with a carrying cost of $138,500 are sold.
Required:
Prepare journal entries for each of the transactions listed above.

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Definitions:

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A psychologist named Erik Erikson, known for his theory on the psychosocial development of human beings through eight stages from infancy to adulthood.

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