Journal entries. Prepare a set of summarized journal entries for all October 2012 transactions affecting Work in Process Assembly. Set up a T account for Work in Process Assembly and post your entries to it.
|
Physical Units (Car Seats) |
Direct Materials |
Conversion Costs |
|
|
Work in process, October 1 |
5,000 |
$1,250,000 |
$ 402,750 |
|
Started during October 2012 |
20,000 |
||
|
Completed during October 2012 |
22,500 |
||
|
Work in process, October 31 |
2,500 |
||
|
Total costs added during October 2012 |
$4,500,000 |
$2,337,500 |