FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The adjusting entry to apply factory overhead to the work in process ending inventory includes a.debiting Finished Goods Inventory and crediting Factory Overhead. b.debiting Work in Process Inventory and crediting Factory Overhead. c.debiting Factory Overhead and crediting Finished Goods Inventory. d.debiting Factory Overhead and crediting Work in Process Inventory.arrow_forwardWhich of the following accounts would be debited in the journal entry to record the issuance of direct materials? O A. Cost of Goods Sold O B. Finished Goods Inventory OC. Raw Materials Inventory O D. Work-in-Process Inventoryarrow_forwardThe following events occurred over the course of a year at Coronado Corp., which uses a job order costing system: 1. Direct materials purchases totaled $586,000. Coronado Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $133,000 of indirect materials were used in production. Coronado uses a separate Supplies Inventory account for indirect materials. 3. $556,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $684,000. 6. Coronado applies overhead based on a predetermined overhead rate of $24 per machine hour. The company used 48,000 machine hours during the year. 7. During the year, Coronado transferred goods costing $2,430,000 into the Finished Goods Inventory account. 8. Coronado sold products with a manufacturing cost of $2,398,000 to customers during the year.arrow_forward
- Periodically reviewing all jobs is a subtask of O a. developing job descriptions and job specifications Ob. conducting the job analysis O c. preparing for and introducing the job analysis O d. maintaining and updating job descriptions and job specificationsarrow_forwardWhat journal entry is recorded when a material manager recieves a materials requisiton andthen issues materials (both direct and indirect) for use in the factory?arrow_forwardA cost driver is used to allocate support department expenses. Match each of the following cost drivers with the appropriate department. Clear All Number of work orders Number of employees Number of payroll checks Number of purchase requisitions Payroll Accounting Maintenance President's Office Purchasing Human Resourcesarrow_forward
- Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present Journal entries (account titles only) for each of the following transactions: a. Purchased materlal on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and Indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Appled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold…arrow_forwardFor following products and services, indicate whether it is more likely produced in a processoperation (P) or in a job order operation (J). House paintsarrow_forwardPlease help me with all answers thankuarrow_forward
- Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.arrow_forwardPresent the journal entry for (b) manufacturing labor incurred.arrow_forwardJournalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.arrow_forward
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