During February, the Following Transactions Were Recorded at Cuenca Corporation

question 78

Essay

During February, the following transactions were recorded at Cuenca Corporation. The company uses process costing.
(1) Raw materials that cost $38,300 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials.
(2) Direct labor costs of $21,700 are incurred, but not yet paid, in the Assembly Department.
(3) Manufacturing overhead of $45,200 is applied in the Assembly Department using the department's predetermined overhead rate.
(4) Units with a carrying cost of $86,500 finish processing in the Assembly Department and are transferred to the Painting Department for further processing.
(5) Units with a carrying cost of $109,100 finish processing in the Painting Department, the final step in the production process, and are transferred to the finished goods warehouse.
(6) Finished goods with a carrying cost of $106,100 are sold.
Required:
Prepare journal entries for each of the transactions listed above.

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Definitions:

Unrealistic Expectations

Expectations that are not reasonable or achievable, often leading to disappointment.

New Hires

Individuals who have recently been employed by an organization or company.

Uniform Conformity

The consistent and uniform adherence to a set of standards, rules, or norms across a group or organization.

Organizational Norms

The shared expectations and rules that guide behavior of people within an organization.