Upton Manufacturing Company manufactures a single model of a portable work bench. The company uses...
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Accounting
Upton Manufacturing Company manufactures a single model of a portable work bench. The company uses a process cost system, with a fifo cost flow assumption, and it maintains a separate work in process account for each of its two producing departments, Cutting and Assembly. The work bench components are cut out of wood and metal in the Cutting Department and then transferred to the Assembly Department, where they are put together with the addition of springs, hinges, and handles purchased from outside vendors. Data related to operations in October are:
Required: (1) Prepare an October cost of production report for each department. (2) Prepare the appropriate general journal entries to record the charge to the producing departments for the costs incurred during October and to record the transfer of units from Cutting to Assembly and from Assembly to Finished Goods Inventory.
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