Kirk Manufacturing Company has two production departments: Cutting and Assembly.
ID: 2374601 • Letter: K
Question
Kirk Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $3,800, Work in Process%u2014Cutting $2,600, Work in Process%u2014Assembly $11,100, and Finished Goods $30,900. During July, the following transactions occurred.1. Purchased $62,300 of raw materials on account. 2. Incurred $55,700 of factory labor. (Credit Factory Wages Payable.) 3. Incurred $69,900 of manufacturing overhead; $39,800 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $15,700 and Assembly $8,700. 5. Used factory labor for Cutting $29,300 and Assembly $26,400. 6. Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,200 and Assembly 2,100. 7. Transferred goods costing $67,900 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $134,500 from Assembly to Finished Goods. 9. Sold goods costing $149,900 for $199,800 on account.
Kirk Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $3,800, Work in Process%u2014Cutting $2,600, Work in Process%u2014Assembly $11,100, and Finished Goods $30,900. During July, the following transactions occurred.
1. Purchased $62,300 of raw materials on account. 2. Incurred $55,700 of factory labor. (Credit Factory Wages Payable.) 3. Incurred $69,900 of manufacturing overhead; $39,800 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $15,700 and Assembly $8,700. 5. Used factory labor for Cutting $29,300 and Assembly $26,400. 6. Applied overhead at the rate of $18 per machine hour. Machine hours were Cutting 1,200 and Assembly 2,100. 7. Transferred goods costing $67,900 from the Cutting Department to the Assembly Department. 8. Transferred goods costing $134,500 from Assembly to Finished Goods. 9. Sold goods costing $149,900 for $199,800 on account.
Exercise 21-4
Explanation / Answer
Yes 1
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