Alpha company has the following information WIP 1/1/17- 100,000 units Units Started into production -...
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Accounting
Alpha company has the following information
WIP 1/1/17- 100,000 units
Units Started into production - 575,000 units
WIP 12/31/17- 75,000 units
Direct material put into production- $575,000
Direct labor put into production- $240,000
Factory overhead put into production- $603, 750
The beginning WIP was 100% complete as to direct materials and 75% as to conversion costs
The ending WIP was 100% complete as to direct materials and 50% complete as to convertion costs.
The beginning work in process consisted of:
Direct material- $100,000
Conversion costs- $112,500
Alpha Company uses weighted average method. Use this information to prepare December 31, 2017 summary general journal entries, to record the direct material, direct labor and factory overhead into the work in process account for FY 2017. Prepare the December 31, 2017 general journal entry to transfer completed units to the finished goods inventory
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