A materials requisition slip showed that direct materials requested were $56000 and indirect materials requested were $12000 The entry to record the transfer of materials from the storeroom is O Direct Materials 56000 Indirect Materials 12000 Work in Process 68000 Inventory O Work In Process Inventory 56000 Manufacturing Overhead 12000 Raw Materials 68000 Inventory

A materials requisition slip showed that direct materials requested were $56000 and indirect materials requested were $12000 The entry to record the transfer of materials from the storeroom is O Direct Materials 56000 Indirect Materials 12000 Work in Process 68000 Inventory O Work In Process Inventory 56000 Manufacturing Overhead 12000 Raw Materials 68000 Inventory

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PA: Selected information from Skylar Studios shows the following: Prepare journal entries to record the...

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Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
The journal entry to issue $700 of direct materials and $80 of indirect materials to production involves debit(s) to the O A. Manufacturing Overhead account for $780 OB. Work-in - Process Inventory account for $700 and Manufacturing Overhead account for $80 O C. Work-in - Process Inventory account for $780 O D. Work-in - Process Inventory account for $700 and Finished Goods Inventory account for $80
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.
Computing units in process, units completed, and equivalent production Using the following data, determine which figures should be inserted in the blank spaces. Beginning Units in Process Units Started in Production Finished Goods Units Ending Units in Process Transferred to Equivalent Units а. 600 8,000 8,600 b. 900 6,500 400–1/2 completed | 1,500 12,900 1,200–1/4 completed C. d. 7,250 7,200 150–1/2 completed 8,400 8,200 200–1/2 completed e. f. 400 6,200 6,200 6,300 -
Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred $175 150 200 300 Manufacturing overhead costs Direct materials used in production 250 125 Multiple Choice $650. $675. $700. $750.
Manufacturing Overhead Indirect Materials Supervision Building depreciation Maintenance Purchasing Inspection Amount $ 22,100 45,368 67,200 23,800 19,812 16,320 Cost Driver Number of Units Number of Inspections Square Footage Direct Labor Hours Number of Purchase Orders Number of Inspections Electronic Keyboard 700 700 14,000 9,800 700 700 Digital Piano 300 900 6,000 4,200 900 900 Create a spreadsheet with an output section that: (i) determines the six overhead application rates to use under activity-based costing (be sure to label these!) (j) determines the total cost to manufacture one unit electronic keyboard using activity-based costing (show material, labor and overhead separately to enhance manager usefulness) (k) determines the total cost to manufacture one unit digital piano using activity-based costing (show material, labor and overhead separately to enhance manager usefulness) (L) calculates a suggested new selling price for each item based on recent industry reports that…
The journal entry to record the transfer of 1,260 units of part number 1177 with a value of $1.80 each, to work in process is a. Materials 2,268 Work in Process 2,268 b. Work in Process 2,268 Cash 2,268 c. Work in Process 2,268 Factory Overhead 2,268 d. Work in Process 2,268 Materials 2,268
Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost Information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units 33,500 470,000 468,500 35,000 Completed and transferred out Ending work in process $ 55,000 22,100 Units 1,745,000 1,154,020 Complete this question by entering your answers in the tabs below. EUP
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ning services - SQU Libraries - SQU Portal Attendand XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. OMR145,000 O c. OMR120,000 Q d. None of the answers given e. OMR580.000 YZCompany uses normal costing. Following are
Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100