90.2K

Verified Solution

Link Copied!

Color - Tile produces its product in two processing departments Forming and Finishing. The following account shows the Forming Departments Work in Process Inventory at October 31 prior to completing the five-step process costing procedure Click the icon to view the account) 1. What is the Forming Department's "Total costs to account for for the month of October 2. Assume that after using the five-step process costing procedure, the company determines that the cost to be assigned to units completed and transferred out is $20.700. What journal entry is needed to record the water of conte Fing Department? 3. Aber the journal entry is made, what will be the new ending balance in the Forming Department's Work in Process inventory account? 1. What is the Forming Department's "Total costs to account for for the month of October? Identify the labels and calculate the total costs to account for Total cost to account for 2. Assume that after using the five-step process costing procedure, the company determines that the cost to be assigned to units completed and transferred our is $243,700. What journal entry is needed to record the transfer of costs to the Finishing Department? (Record debits first, then credits Exclude explanations from any journal entries) Journal Entry Accounts Debit Credit 3. Ater the journal entry is made what will be the new ending balance in the Forming Department's Work in Process inventory account? Erlier the transaction that affects the T-account and calculate the new ending balance in the Forming Department's Work in Process inventory account. Remember to enter the labels and amounts on the correct debitor credit side of the Taccount Work in Process Inventory Forming Department Work in Process Inventory-Forming Department Beginning balance $ 53,700 Direct materials used 78,300 Direct labor 14,600 Manufacturing overhead allocated 126,100

Answer & Explanation Solved by verified expert

See Answer