NAME During August, the following transactions were recorded at Gurdeep Corporation. The company uses process costing. (1) Raw materials that cost $24,500 are withdrawn from the storeroom for use in the Assembly Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $29,000 are incurred, but not yet paid, in the Assembly Department. (3) Manufacturing overhead of $58,900 is applied in the Assembly Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $101,200 finish processing in the Assembly Department and are transferred to the Painting Department for further processing. (5) Units with a carrying cost of $106,100 finish processing in the Painting Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $95,100 are sold. Required: Prepare journal entries for each of the transactions listed above. Account Description Debit $ Credit $ (1) To record direct materials issued to production Account Description Debit $ Credit $ (2) To record direct labor costs incurred but not paid. Account Description Debit $ Credit $ (3) To record application of manufacturing overhead Account Description Debit $ Credit $ (4) To record cost of goods completed by Assembly and transferred to Painting Account Description Debit $ Credit $ (5) To record cost of goods completed in Painting and transferred to Finished Goods warehouse Account Description Debit $ Credit $ (6) To record cost of goods sold

Answer:

Gurdeep Corporation

Journal Entries:

Account Titles                             Debit           Credit

(1) Work in Process (Assembly) $24,500

Raw Materials                                               $24,500

To record direct materials issued to production.

Account Titles                             Debit           Credit

(2) Work in Process (Assembly) $29,000

Payroll Payable                                             $29,000

To record direct labor costs incurred but not paid.

Account Titles                             Debit           Credit

(3) Work in Process (Assembly) $58,900

Manufacturing Overhead                             $58,900

To record application of manufacturing overhead.

Account Titles                             Debit           Credit

(4) Work in Process (Painting) $101,200

Work in Process (Assembly)                          $101,200

To record cost of goods completed by Assembly and transferred to Painting.

Account Titles                             Debit           Credit

(5) Finished Goods Inventory $106,100

Work in Process (Painting)                            $106,100

To record cost of goods completed in Painting and transferred to Finished Goods warehouse.

Account Titles                             Debit           Credit

(6) Cost of Goods Sold            $95,100

Finished Goods Inventory                           $95,100

To record cost of goods sold

Explanation:

a) Data and Analysis:

(1) Work in Process (Assembly) $24,500 Raw Materials $24,500

(2) Work in Process (Assembly) $29,000 Payroll Payable $29,000

(3) Work in Process (Assembly) $58,900 Manufacturing Overhead $58,900

(4) Work in Process (Painting) $101,200 Work in Process (Assembly) $101,200

(5) Finished Goods Inventory $106,100 Work in Process (Painting) $106,100

(6) Cost of Goods Sold $95,100 Finished Goods Inventory $95,100

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