Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Supporting records show that (a) the Assembly Department used $24,000 of raw materials and $35,000 of the factory labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31.

Important: There is no information about a finished goods or transfer from one process to another, so we should assume both are still in progress and no transfer to either one or finished goods were made.

So the values are transfer to the WIP of each department.

marvineetesh3 marvineetesh3 · Answer 2 · 2022-02-23T10:50:32+01:00

The Journal entries of the assignment of the costs to the processing departments on March 31 are given in the image below.

What are journal Entries?

Journal Entries are the systematic record of an accounting transaction. It is the legal instrument of compliance or making records of any transactions, either economic or non-economic.

Transactions are numbered in an accounting journal that exhibits a company's debit and credit balances. The journal entry can belong of various recordings, each of which is either a debit or a credit.

According to the given transactions, Our first goal is to compute the difference to develop the finishing values.

Raw materials = $50,000

Assembly = 24,000

[tex]\text{Finishing} = \text{Raw Materials} - \text{Assembly}\\\text{Finishing} =\$50,000-\$24,000\\\text{Finishing} =\$ 26,000[/tex]

labor cost =$60,000

Assembly = 35,000

[tex]\text{Finishing} = \text{Labor Cost} - \text{Assembly}\\\text{Finishing} =\$60,000-\$35,000\\\text{Finishing} =\$ 25,000[/tex]

Note:

There is no content about finished goods, so we presume both are still in progression and no movement to either one or finished goods were reasoned.

Therefore, the journal entries are given in the image below.

Learn more about the journal entries, refer to:

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