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PROBLEM 4–16 Cost Flows [LO1] Nature’s Way, Inc., keeps one of its production facilities busy

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PROBLEM 4–16 Cost Flows [LO1] Nature’s Way, Inc., keeps one of its production facilities busy… 1 answer below » PROBLEM 4–16 Cost Flows [LO1] Nature’s Way, Inc., keeps one of its production facilities busy making a perfume called Essence de la Vache. The perfume goes through two processing departments: Blending and Bottling. The following incomplete Work in Process account is provided for the Blending Department for March: Work in Process—Blending View complete question » March 1 balance                32,800 Materials PROBLEM 4–16 Cost Flows [LO1] Nature’s Way, Inc., keeps one of its production facilities busy making a perfume called Essence de la Vache. The perfume goes through two processing departments: Blending and Bottling. The following incomplete Work in Process account is provided for the Blending Department for March: Work in Process—Blending March 1 balance                32,800 Materials                           147,600 Direct labor                        73,200 Overhead                         481,000 Completed and transferred to Bottling (760,000 ounces)  ? March 31 balance                       ? The $32,800 beginning inventory in the Blending Department consisted of the following ele- ments: materials, $8,000; direct labor, $4,000; and overhead applied, $20,800. Costs incurred during March in the Bottling Department were: materials used, $45,000; direct labor, $17,000; and overhead cost applied to production, $108,000. Required: 1.       Prepare journal entries to record the costs incurred in both the Blending Department and Bottling Department during March. Key your entries to items (a) through (g) below: a. Raw materials were issued for use in production. b. Direct labor costs were incurred. c. Manufacturing overhead costs for the entire factory were incurred, $596,000. (Credit Accounts Payable and use a single Manufacturing Overhead control account for the entire factory.) d. Manufacturing overhead was applied to production using a predetermined overhead rate. e. Units that were complete with respect to processing in the Blending Department were transferred to the Bottling Department, $722,000. f. Units that were complete with respect to processing in the Bottling Department were transferred to Finished Goods, $920,000. g. Completed units were sold on account for $1,400,000. The cost of goods sold was $890,000. 2.       Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Blending Department’s Work in Process account is given above.) After posting the entries to the T-accounts, find the ending balances in the inventory accounts and the manufacturing overhead account. View less » Dec 07 2015 05:55 PM



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