PROCESS COST JOURNAL ENTRIES Essay Dissertation Research Help

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PROCESS COST JOURNAL ENTRIES

Grand Island Company manufactures its products in a continuous process involving two departments, Machining and Assembly. Present entries to record the following selected transactions related to production during June:

a. Materials requisitioned by: Machining, $60,000 direct and $8,000 indirect materials; Assembly, $3,500 indirect materials
b. Direct Labor used: Machining, $16,000; Assembly, $36,000
c. Depreciation: Machining, $2,000; Assembly, $9,000
d. Factory overhead applied: Machining, $4,750; Assembly, $9,800
e. Machining Department transferred $87,500 to Assembly Department; Assembly Department transferred $64,000 to finished goods

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