Question 6Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for October and November Ciement ManuiaciuringComputation of Work-in-Process Inventory,Finished Goods Inventory, and Cost of Goods SoldFor October and NovemberDateWork-in-Process InventoryFinished Goods InventoryCost of Goods SoldJobCostJobCostJobCostOctober 31:3$1,0002$1,40011,30041,2002,2001,4001,300TotalTotalTotalNovember 30:65002,4001,4001,9006505002,4003,950TotalTotalTotal%24LO%24 ns costin ng recoyield the lollowiny inioma uon.E (Click the icon to view the costing records.)Read the reguirements.Data TableNovember 30:$5004$2,4002$1,4001,9005650DateTotalTotal500Total2,400Total3,950ManufacturingTotal Cost of Job Costs Added inRequirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finisheentries.)Job No. Started FinishedSoldat October 31Novemberions frJob No. 110/0310/1210/13 $1,300Record October's entry first.Job No. 210/0310/3011/011,400DateAccountsDebitCreditJob No. 310/1711/2411/271,000 $900Oct. 31Job No. 410/2911/2912/031,2001,200Job No. 511/0811/1211/14650Job No. 611/2312/0612/09500

Given : JobNo. Date Total Cost of Jobat October 31 Total Manufacturing CostsAdded in…

Answered: Requirement 3. Prepare journal entries…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: An accountant recently debited Work-in-Process Inventory and credited Manufacturing Overhead at a…

A: The factory overhead control account requires a subsidiary ledger for factory overhead, with the…

Q: At the beginning of the year, Learer Company's manager estimated total direct labor cost to be…

A: The overhead is applied to the production on the basis of a predetermined overhead rate. The…

Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…

A: Total inventories = Finished goods + Work in process + Materials

Q: Problem 4-18 Part 2 2. The expected activity for the year was distributed among the company's four…

A: ABC costing is also known as activity based costing . This is more accurate method of overhead…

Q: May 1 Purchased materials on account for $29,670. 3 Requisitioned materials totaling $24,500 for…

A: Comments; Multiple questions asked, therefore first part i.e. journal entries have been written…

Q: Cost of Goods Mfg Cutting Prepare a schedule of cost of goods manufactured for the Cutting…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: Prepare the November 30 Journal entry to record the transfer of costs from the Assembly department…

A: The journal entries are prepared to record the transactions on regular basis. The cost of goods…

Q: The following data have been provided the Monster Manufacturing Company for the most recent period:…

A: Cost of goods manufactured is the cost incurred on the making of the goods. It is the cost which…

Q: Construction Company produces gadgets for the coveted small appliance market. The following data…

A: 1. Record the purchase of Direct materials: No. Account Title Debit…

Q: The following balances appeared in the inventory accounts of Forest Components for July. Materials…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: Total work-in-process during the period is the sum of the beginning work-in-process inventory and…

A: Work in progress (WIP) is the term used to describe tasks, projects, or items that are currently…

Q: Date Accounts Debit Credit Data Table Nov. 30 Finished Goods Inventory 4,950 Work-in-Process…

A: Solution 4: Journal entry to record revenue and cost of goods sold related to Job 3 is as under:

Q: New Mode Delay Employee A Employee B Employee C Employee D Employee E Employee F Employee G Order…

A: Part 2: Explanation1Improper Segregation of Duties (Employee C) - Step 1: Identify the tasks…

Q: why should the client represantion letter be prepared foreach examination?

A: SOLUTION REPRESENTATION LETTER IS A LETTER WRITTEN FROM THE ASSOCIATION TO ITS ACCOUNTANT…

Q: Units of production data for the two departments of Mediterranean Cable and Wire Company for…

A: Solution:-a Determine the direct materials and conversion equivalent units of production for…

Q: Barker Products is a job shop. The following events occurred in September: 1. Purchased $15,000 of…

A: Journal entry is an art of recording classifying and summarising the business transaction into…

Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…

A: Cost of Goods Manufactured Cost of goods manufactured means total costs incurred in manufacturing…

Q: units during November. The following production activity in both units and costs refers to the…

A: Using FIFO method, the cost of units completed include the cost of beginning WIP, Cost of completing…

Q: Multiple Choice a debit to Materials Inventory, $15,945. a debit to Materials Inventory, $16,670.…

A: Answer: Debit to work in process inventory $15,945.

Q: Equivalent Units of Production Units of production data for the two departments of Mediterranean…

A: Started and completed in November = Transferred out - Inventory in process, November 1 Units started…

Q: Selected accounts with a credit amount omitted are as follows Work in Process 6,400 Apr. 30 53,900…

A: Goods finished = $301,800WIP, April 30 = WIP, April 1 + Direct material + Direct labor + Factory…

Q: Direct materials purchases Work-in-process inventory, November 1 Finished goods inventory, November…

A: Fiscal year:Governments and companies utilize fiscal years, which are 12-month periods, for…

Q: Complete the Inventory and Overhead T-Accounts For Job 1 and Job 2 and Job 3

A: Job costing is the method of costing applied when each job is different from the other. These method…

Q: when prepareing a schedule of cost of goods manufactred for the month, how do you determine the cost…

A: Cost of goods manufactured:Cost of goods manufactured refers to the cost incurred for a making a…

Q: Raw materials purchased on credit Direct materials used Direct labor used Overhead rate Prepare…

A: The journal keeps the record for day to day transactions on regular basis. The direct costs incurred…

Q: he following events took place for Digital Vibe Manufact . Purchased $48,900 of materials . Used…

A: In this question, we will calculate the income statement and inventory balances, Income statement…

Q: Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead…

A: Cost of goods manufactured:— It is the total cost of completed finished goods transferred from work…

Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…

A: Equivalent units of production = Units completed and transferred out + Units in ending WIP *…

Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,100…

A: Work in process is the incomplete or semi-furnished goods. It required more material, labor, or…

Q: Prepare journal entries to record the events and transactions 1-11 1. Record raw material purchases…

A: In the given question above, we need to make journal entries for the mentioned tranactions. Such…

Q: Ivanhoe Incorporated has the following information available about the jobs worked on during the…

A: To determine the balance in Work in Process Inventory on February 28, 2022, we need to calculate the…

Q: Refer to the following information about the Finishing Department in the Davidson Factory for the…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process…

A: Working note 1 Statement of equivalent units Material Labor…

Q: The opening balance in the work in process inventory controlaccount represents the costs of all jobs…

A: Work in process inventory: Work in process inventory are the materials that are partially finished…

Q: Inventory of work in process Inventory of finished goods Direct materials used Direct labor…

A: Cost management is crucial for companies of all sizes and sectors because it has a direct impact on…

Q: Primare Corporation has provided the following data concerning last month's manufacturing…

A: INTRODUCTION: The cost of goods manufactured is the cost given to manufactured units in a fiscal…

Q: Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following…

A: The objective of the question is to calculate the Cost of Goods Manufactured (COGM) for Akari Inc.…

Q: Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods…

A: Cost of goods sold - the total direct cost related to the manufacturing or production of goods. It…

Question

100%

Question 6

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

Ciement Manuiaciuring
Computation of Work-in-Process Inventory,
Finished Goods Inventory, and Cost of Goods Sold
For October and November
Date
Work-in-Process Inventory
Finished Goods Inventory
Cost of Goods Sold
Job
Cost
Job
Cost
Job
Cost
October 31:
3
$
1,000
2$
1,400
1
1,300
4
1,200
2,200
1,400
1,300
Total
Total
Total
November 30:
6
500
2,400
1,400
1,900
650
500
2,400
3,950
Total
Total
Total
%24
LO
%24

ns costin ng reco
yield the lollowiny inioma uon.
E (Click the icon to view the costing records.)
Read the reguirements.
Data Table
November 30:
$
500
4
$
2,400
2
$
1,400
1,900
5
650
Date
Total
Total
500
Total
2,400
Total
3,950
Manufacturing
Total Cost of Job Costs Added in
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finishe
entries.)
Job No. Started Finished
Sold
at October 31
November
ions fr
Job No. 1
10/03
10/12
10/13 $
1,300
Record October's entry first.
Job No. 2
10/03
10/30
11/01
1,400
Date
Accounts
Debit
Credit
Job No. 3
10/17
11/24
11/27
1,000 $
900
Oct. 31
Job No. 4
10/29
11/29
12/03
1,200
1,200
Job No. 5
11/08
11/12
11/14
650
Job No. 6
11/23
12/06
12/09
500

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Layout Formulas Data Review View Calibri 11 2Wrap Text Paste BIU EEBE E Merge & C Clipboard Font Alignment A54 F. H. 1. Practice Quiz Job Order Costing The information below is for ABC Co.'s first month of operations. The following jobs were begun during the month 9. Number of Direct Job & Products Materials Labor Labor Hours 8. 100 140 $ 1,200 $ 1,100 100 10 11. 101 144 $1,500 $1,500 120 12 13 102 80 $ 1,100 900 80 14 15 103 150 800 $ 1,000 100 16 Indirect 500 700 18 Additional Information: 20 1. Jobs #100, #101 and #102 were completed during the month; Job #103 remained unfinished at the EOM. 2. Other factory overhead incurred during the month amounted to $60, 3. Factory overhead is applied to jobs on the basis of a predetermined rate of $5 per direct labor hour. 24 Required. 1 Prepare the journal entries to record: a. the requisition of materials during the month b. labor incurred during the month c application of factory overhead to jobs d. cost transferred to finished goods…
How do i compute for the work in process ending inventory of the job 203 and job 206? like what amounts and accounts do i need to include for the computation of wip ending inventory of job 203 and job 206?
acc
Several debits are made to Work in Process Inventory during the year. Which one of the following is NOT a common account that would be credited to accompany one of the debits? O Manufacturing Overhead O Factory Labour O Raw Materials Inventory O Finished Goods Inventory
ACCT 102 - Please Do Both Parts
Requirements: 7. Materials inventory 8. Finished Goods Ending Inventory
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
E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…
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