Kirk manufacturing company has two production departments, Ask an Expert

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Kirk Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $3,800, Work in Process%u2014Cutting $2,900, Work in Process%u2014Assembly $10,800, and Finished Goods $31,400. During July, the following transactions occurred.

1.		Purchased $62,900 of raw materials on account.
2.		Incurred $56,400 of factory labor.
3.		Incurred $70,400 of manufacturing overhead; $40,300 was paid and the remainder is unpaid.
4.		Requisitioned materials for Cutting $15,400 and Assembly $9,300.
5.		Used factory labor for Cutting $29,200 and Assembly $27,200.
6.		Applied overhead at the rate of $17 per machine hour. Machine hours were Cutting 1,200 and Assembly 1,900.
7.		Transferred goods costing $67,700 from the Cutting Department to the Assembly Department.
8.		Transferred goods costing $134,700 from Assembly to Finished Goods.
9.		Sold goods costing $150,300 for $200,400 on account. Journalize the transactions

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957089

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