Shown below is a list of costs incurred by candle Lite Inc. for the month...
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Accounting
Shown below is a list of costs incurred by candle Lite Inc. for the month of May. The production process in Candle Lite involves three departments (mixing, moulding and packaging). Prepare the journal entries to record the costs of direct materials, direct labor and manufacturing overhead for the packaging department. Also prepare the journal entries related to costs transferrred into and out of the packaging department.
Direct materials put into production 30,000
Mixing -55%
Moulding-15%
Packaging-30%
Direct labor cost incurred but not paid 15,000
Mixing -40%
Moulding -35%
Packaging-25%
Allocation of Manufacturing overhead
Mixing 5,000
Moulding 8.800
Packaging 9,000
Cost Transferred from one department to the next
Mixing to Moulding 6,000
Mounding to Packaging 10,000
Packaging to Finished goods inventory 5,000
Prepare Journal entries for the packing department.
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