Nki.13 EXERCISE 4-7 Process Costing Journal EntriesLO4-1Chocolaterie de Geneve. SA. is located in a French-speaking canton in Switzerland. The company makes chocolate truffles that are soldin popular embossed tins. The company has two processing departments-Cooking and Molding. In the Cooking Department, the rawingredients for the truffles are mixed and then cooked in special candy-making vats. In the Molding Department, the melted chocolateand other ingredients from the Cooking Department are carefully poured into molds and decorative flourishes are applied by hand. Aftercooling the truffles are packed for sale. The company uses a process costing system. The T-accounts below show the flow of costs throughthe two departments in April:Balance 4/1Direct materialsDirect laborOverheadBalance 4/1Transferred inDirect laborOverheadWork in Process-Cooking$.000 Transferred out42,00050,00075,000Work in Process-Molding4.000 Transferred out160,00036,00045,000160,000240,000Required:Prepare journal entries showing the flow of costs through the two processing departments during AprilPage 168

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Description: Nki.13 EXERCISE 4-7 Process Costing Journal EntriesLO4-1Chocolaterie de Geneve. SA. is located in a French-speaking canton in Switzerland. The company makes chocolate truffles that are soldin popular embossed tins. The company has two processing depa

Process Costing: Process costing is method of cost accounting in which all the costs that are…

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Balance 4/11 Direct materials Direct labor Overhead Balance 4/11 Transferred in Direct labor Overhead Work in Process-Cooking 8,000 Transferred out 42,000 50,000 75,000 Work in Process-Molding 4.000 Transferred out 160,000 36,000 45.000 160,000 240,000 Required: Prepare journal entries showing the flow of costs through the two processing departments during April Page 168

Balance 4/11 Direct materials Direct labor Overhead Balance 4/11 Transferred in Direct labor Overhead Work in Process-Cooking 8,000 Transferred out 42,000 50,000 75,000 Work in Process-Molding 4.000 Transferred out 160,000 36,000 45.000 160,000 240,000 Required: Prepare journal entries showing the flow of costs through the two processing departments during April Page 168

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 38P: Healthway uses a process-costing system to compute the unit costs of the minerals that it produces....

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