Sep 26, 2017 term paper 2

ENTRIES FOR PROCESS COST SYSTEM CINCINNATI SOAP COMPANY MANUFACTURES POWDERED DETERGENT. PHOSPHATE IS PLACED IN PROCESS IN THE MAKING DEPARTMENT, WHERE IT IS TURNED INTO GRANULARS. THE OUTPUT OF MAKING IS TRANSFERRED TO THE PACKING DEPARTMENT, WHERE THE P

This paper concentrates on the primary theme of ENTRIES FOR PROCESS COST SYSTEM CINCINNATI SOAP COMPANY MANUFACTURES POWDERED DETERGENT. PHOSPHATE IS PLACED IN PROCESS IN THE MAKING DEPARTMENT, WHERE IT IS TURNED INTO GRANULARS. THE OUTPUT OF MAKING IS TRANSFERRED TO THE PACKING DEPARTMENT, WHERE THE P in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Entries for Process Cost System

Cincinnati Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where the packaging is added at the beginning of the process. On July 1, Cincinnati Soap Company had the following inventories:

Finished Goods$13,650
Work in Process—Making5,310
Work in Process—Packing6,920
Materials3,000

Departmental accounts are maintained for factory overhead, which both have zero balances on July 1.

Manufacturing operations for July are summarized as follows:

a.Materials purchased on account$170,050
b.Materials requisitioned for use
Phosphate—Making Department$112,330
Packaging—Packing Department39,070
Indirect materials—Making Department4,400
Indirect materials—Packing Department1,580
c.Labor used
Direct labor—Making Department$80,250
Direct labor—Packing Department54,170
Indirect labor—Making Department15,540
Indirect labor—Packing Department27,860
d.Depreciation charged on fixed assets
Making Department$14,650
Packing Department12,100
e.Expired prepaid factory insurance
Making Department$2,780
Packing Department1,110
f.Applied factory overhead
Making Department$38,300
Packing Department42,310
g.Production costs transferred from Making Department to Packing Department$231,550
h.Production costs transferred from Packing Department to Finished Goods$364,410
i.Cost of goods sold during the period$365,750

Required:

1.  Journalize the entries to record the operations, identifying each entry by letter. For a compound transaction, if an amount box does not require an entry, leave it blank.


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