ity 1: Preparing Journal Entries (12 mins) ompany has two production departments: Fabricating and Finishing....
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ity 1: Preparing Journal Entries (12 mins) ompany has two production departments: Fabricating and Finishing. Beginning inventories are: ocess Inventory-Fabricating, $6,030; Work in Process Inventory-Finishing, $4,100; and Finished entory, $5,600. During the month the following transactions occurred: urchased $40,000 of raw materials on account. curred $75,000 of factory labor. Wages are unpaid. curred $50,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. equisitioned direct materials for Fabricating, $10,000 and Finishing, $8,000. sed factory labor for Finishing, $60,000 and Fabricating, $15,000. signed $45,000 of overhead based on machine hours used in each department. The Finishi epartment used twice as many machine hours as did Fabricating. S he transactions for the month. & Sons Inc
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