Entries for flow of factory costs for process cost system Journal Domino Foods,

Question

Entries for flow of factory costs for process cost system Journal Domino Foods, nc, manufactures a sugar product by a consinuous process, invoking three productio direct materials, direct labor, and appled factory overhead tor the first department, Refining, were $388,000, $141,0, and $96,800, respectively. Departaent at the beginning of the period totaled $29,800, and work in process at the end of the period totaled $30,000 n departments-Refining, Sifting, and Packing. Assume that records indicate that Also, work in process in the Refining Required: A (1) On September 30, jourmalize the entry to record the flow of costs into the Refining Department during the period for direct materials. (2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor (3) On September 30, journaize the entry to record the fow of costs into the Refining Department duning the period for factory overhead." on September 30, journalize the entry to record the transfer of production costs to the second department, Siting." 8 * Refer to the Chart of Accounts for exact wording of account titles Chart of Accounts CHART OF ACCOUNTS Domino Foods, Inc. Next Check My Work Submit for G Email instructor Save and Ex All work saved. 938 P

Explanation / Answer

Domino Foods Inc

Journal Entries as on September 30:

A

Date

Account Titles and Explanation

Debit

Credit

1-Jan

Work-in-Process Refining Department

$388,000

Materials

$388,000

(To record the flow of costs to the Refining Dept. for direct materials)

2-Jan

Work-in-Process Refining Department

$141,000

Wages Payable

$141,000

(To record the flow of costs to the Refining Dept. for direct labor)

3-Jan

Work-in-Process Refining Department

$96,800

Factory Overhead - Refining Department

$96,800

(To record the flow of costs to the Refining Dept. for factory overhead)

B

1-Jan

Work in Process - Sifting Department

$625,600

Work in Process - Refining Department

$625,600

(To record transfer of production costs to Sifting department)

Work in process cost transferred to sifting department is as follows,

Beginning work in process + direct materials + wages payable + factory overhead – ending work in process

= $29,800 + 388,000 + 141,000 + 96,800 - $30,000 = $625,600

A

Date

Account Titles and Explanation

Debit

Credit

1-Jan

Work-in-Process Refining Department

$388,000

Materials

$388,000

(To record the flow of costs to the Refining Dept. for direct materials)

2-Jan

Work-in-Process Refining Department

$141,000

Wages Payable

$141,000

(To record the flow of costs to the Refining Dept. for direct labor)

3-Jan

Work-in-Process Refining Department

$96,800

Factory Overhead - Refining Department

$96,800

(To record the flow of costs to the Refining Dept. for factory overhead)

B

1-Jan

Work in Process - Sifting Department

$625,600

Work in Process - Refining Department

$625,600

(To record transfer of production costs to Sifting department)

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