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ntakeAssignmentMando?invoker=assignments&t; ionlocator assignment-take&inprogress; false g Calculator eBook Entries for Materials Cost Flows in a Process Cost System The Hershey Company manufactures chocolate confectionery products. The three largest raw materials are cocoa, sugar, and dehydrated milk. These raw materials first go into the Blending Department. The blended product is then sent to the Molding Department, where the bars of candy are formed. The candy is then sent to the Packing Department, where the bars are wrapped and boxed. The boxed candy is then sent to the distribution center, where it is eventually sold to food brokers and retailers Show the accounts debited and credited for each of the following business events a. Materials used by the Blending Department Debit account Credit account Credit account Credit account b. Transfer of blended product to the Molding Department. Debit account Credit account c. Transfer of chocolate to the Packing Department Debit account Credit account

Explanation / Answer

Ans)

a) Materials used by the Blending Department

Work in Process- Blending Department- Debit

Materials- Cocoa Beans- Credit

Materials- Sugar- Credit

Materials- Dehydrated Milk- Credit

b) Transfer of blended product to the Molding Department.

Work in Process- Molding Department- Debit

Work in Process- Blending Department- Credit

c) Transfer of chocolate to the Packing Department.

Work in Process- Packing Department- Debit

Work in Process- Molding Department- Credit

d) Transfer of boxed chocolate to the distribution center

Finished Goods- Debit

Work in Process- Packing Department- Credit

e) Sale of boxed chocolate.

Cost of goods sold- debit

Finished goods- credit

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