Zhang Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw...

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Accounting

Zhang Corporation uses process costing. A number of transactionsthat occurred in June are listed below.

(1)
Raw materials that cost $38,900 are withdrawn from the storeroomfor use in the Mixing Department. All of these raw materials areclassified as direct materials.
(2) Direct labor costs of $36,900 are incurred, but not yet paid,in the Mixing Department.
(3)
Manufacturing overhead of $42,900 is applied in the MixingDepartment using the department's predetermined overhead rate.
(4)
Units with a carrying cost of $112,900 finish processing in theMixing Department and are transferred to the Drying Department forfurther processing.
(5)
Units with a carrying cost of $144,400 finish processing in theDrying Department, the final step in the production process, andare transferred to the finished goods warehouse.
(6) Finished goods with a carrying cost of $138,900 are sold.

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3.9 Ratings (553 Votes)

Process costing is used when similar kind of products are produced in larger quantities The Journal entries for the given transactions are No General Journal Debit Credit 1 Work in Progress Mixing See Answer

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Zhang Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw...

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Accounting

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(1)	Raw materials that cost $38,900 are withdrawn from the storeroomfor use in the Mixing Department. All of these raw materials areclassified as direct materials.
(2)	Direct labor costs of $36,900 are incurred, but not yet paid,in the Mixing Department.
(3)	Manufacturing overhead of $42,900 is applied in the MixingDepartment using the department's predetermined overhead rate.
(4)	Units with a carrying cost of $112,900 finish processing in theMixing Department and are transferred to the Drying Department forfurther processing.
(5)	Units with a carrying cost of $144,400 finish processing in theDrying Department, the final step in the production process, andare transferred to the finished goods warehouse.
(6)	Finished goods with a carrying cost of $138,900 are sold.