Check m Shamrock Industries uses process costing. All of the company\'s manufact
ID: 2335199 • Letter: C
Question
Check m Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single processing department. The following information was available for the month of June Direct materials Direct labor Manufacturing overhead applied Total costs to account for in June $142,000 75,000 26,000 41,000 The amounts of work in process at the beginning and end of the month were immaterial and assigned no dollar value. During June 13,250 units were completed, of which 10,000 were sold on account at $25 per unit a. Prepare a journal entry to summarize the total manufacturing costs applied to production in June b. Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse in June goods sold Complete this question by entering your answers in the tabs below Required A Required B Required C Prepare the journal entry to transfer completed units from work in entry is required for a transaction/event, select "No journal entry required" in the first process to the finished goods warehouse in June. (Ir no select "No journal entry required" in the first account field.) View transaction list View journal entry worksheetExplanation / Answer
Journal Entries :-
S.No. Particulars Debit($) Credit($) a) Work in Process Inventory A/c Dr. 142000 To Direct Materials A/c 75000 To Direct Labor A/c 26000 To Manufacturing Overhead A/c 41000 (To record cost applied to production during june) b) Finished Goods Inventory A/c Dr. 142000 To Work in Process Inventory A/c 142000 (To record the transfer to finished goods during june) c) Cost of Goods sold A/c Dr. (10000*10.72) 107200 To Finished Goods Inventory A/c 107200 (To record the cost of the 10000 units sold in june at Cost per unit is ($142000/13250) $10.72 Accounts Receivable A/c Dr. 250000 To Sales A/c (10000*$25) 250000 (To record the cost of the 10000 units sold in june at $25 per unit)