Requirement 3. Prepare journal entries to record the transfer of completed jobs from​ Work-in-Process Inventory to Finished Goods Inventory for

ACCT 102 - Please Do Both Parts

Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Winding Department Drawing Department 5,900 units, 20% completed 1,600 units, 70% completed Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 4,500 units, 85% completed Production begins in the Drawing Department and finishes in the Winding Department. 80,800 units Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". 80,200 units 2,200 units, 25% completed Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Whole Units Direct Materials Conversion Equivalent Units…

Multiple choice

need work in process inventory too

Journal Entries 1a 1b 1c 1d 1e 1f 1g Computation of the cost of jobs finished: Customers were billed: Cost of Jobs Sold: 2. Work in Progress Inventory Finished Goods Inventory 3. Schedule of Unfinished Jobs 4. Schedule of Completed Jobs

S Raw materials Work in process Finished goods Beginning Inventory $ 28,100 22,200 79,400 Raw materials purchases Indirect materials used Direct labor Additional information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required 1 Required 2 Inventory Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. $ 25,300 45,600 68,900 Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Based on the above information, prepare an income statement for the month of March. Stor Smart Company Income Statement For the Month of March Net Income (Loss) from Operations $ 41,300 1,800 63,900 36,000 24,900 237,600

Multiple choice

Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $717,960 $1,050,800 Estimated direct labor hours for year 14,200 Estimated machine hours for year 23,160 Actual factory overhead costs for August $57,510 $90,930 Actual direct labor hours for August 1,280 Actual machine hours for August 1,810 a. Determine the factory overhead rate for Factory 1. per machine hour b. Determine the factory overhead rate for Factory 2. per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank. Factory 1 Factory 2

[The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 435,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor $234,000 21,000 82,000 201,000 58, 000 33,000 301,000 78,000 Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 47,000 94,000 63,000 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account…