Robinson Corporation constructs new homes. Assume that Robinson uses a job-order costing system. During July, the following transactions occurred:Robinson purchased $4,500 of lumber on account.Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor at $15 per hour.Depreciation of $1,500 on equipment used to build new houses was recorded.A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.The journal entry to record the requisition of lumber for Robinson would include a a. credit to Finished Goods of $3,750. b. debit to Materials Inventory of $3,750. c. debit to Work in Process of $4,500. d. debit to Work in Process of $3,750.
Robinson Corporation constructs new homes. Assume that Robinson uses a job-order costing system. During July, the following transactions occurred:Robinson purchased $4,500 of lumber on account.Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor at $15 per hour.Depreciation of $1,500 on equipment used to build new houses was recorded.A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.The journal entry to record the requisition of lumber for Robinson would include a a. credit to Finished Goods of $3,750. b. debit to Materials Inventory of $3,750. c. debit to Work in Process of $4,500. d. debit to Work in Process of $3,750.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 3CMA: Lucy Sportswear manufactures a specialty line of T-shirts using a job order cost system. During...
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Robinson Corporation constructs new homes. Assume that Robinson uses a job-order costing system. During July, the following transactions occurred:
Robinson purchased $4,500 of lumber on account.
Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor at $15 per hour.
Depreciation of $1,500 on equipment used to build new houses was recorded.
A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.
Thejournal entry to record the requisition of lumber for Robinson would include a
Robinson purchased $4,500 of lumber on account.
Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor at $15 per hour.
Depreciation of $1,500 on equipment used to build new houses was recorded.
A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.
The
a. credit to Finished Goods of $3,750.
b. debit to Materials Inventory of $3,750.
c. debit to Work in Process of $4,500.
d. debit to Work in Process of $3,750.
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