Lamberton Industries uses process costing. All of the companys manufacturing activities take place in a...
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Lamberton Industries uses process costing. All of the companys manufacturing activities take place in a single processing department. The following information was available for the month of July: Direct materials $ Direct labor Manufacturing overhead applied Total costs to account for in July $ Partially completed units in Julys beginning and ending work in process inventories were considered immaterial and were assigned no dollar value. During July, units were completed, of which were sold on account at $ per unit. Required: Prepare a journal entry to summarize the total manufacturing costs applied to production in July. Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse in July. Prepare the journal entries to record the sale of units manufactured during the period and the related cost of goods sold.
Lamberton Industries uses process costing. All of the companys manufacturing activities take place in a single processing department. The following information was available for the month of July:
Direct materials $
Direct labor
Manufacturing overhead applied
Total costs to account for in July $
Partially completed units in Julys beginning and ending work in process inventories were considered immaterial and were assigned no dollar value. During July, units were completed, of which were sold on account at $ per unit.
Required:
Prepare a journal entry to summarize the total manufacturing costs applied to production in July.
Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse in July.
Prepare the journal entries to record the sale of units manufactured during the period and the related cost of goods sold.
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