Which of the following is included in the entries to record the sale of a job costing $5,000 to produce? Question 7 options: Finished Goods Inventory 5,000 Work in Process Inventory 5,000 Cost of Goods Sold 5,000 Work in Process Inventory 5,000 Work in Process Inventory 5,000 Finished Goods Inventory 5,000 *Cost of Goods Sold 5,000 Finished Goods Inventory 5,000

Journal entry represents the account where the financial transactions are recorded initially. The…

Answered: Which of the following is included in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the October 31 balances for the following inventory accounts. 1. Raw Materials $ 2. Work in Process $ 3. Finished Goods
ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
Subject-Acounting
Fujita Company produces a single product. Costs accu mulated at the end of the period are as follows: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods.
Sterling's records show the work in process inventory had a beginning balance of $3,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show: Materials used $1,600 Overhead applied 300 Cost of goods manufactured 5,400 $______
Please complete questions 3 and 4. I have it partly done already.
4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
What is the amount of raw materials used?
North Platt Machinery Company manufactures a shaft that must fit inside a sleeve. The firm has just received an order of 50,000 units from Southernstar Exploration Company for $80 per unit. North Platt can manufacture the shaft at $50 per unit. Southernstar desires the diameter of the shaft to be 1.275 cm. The diameter of the shaft must not be less than 1.25 cm in order to fit properly inside the sleeve. To be able to insert the shaft into a sleeve without the use of force, the diameter cannot be larger than 1.30 cm. A defective shaft is discarded and a replacement has to be shipped via express freight to locations around the world. North Platt estimates that the average cost of handling and shipping a replacement shaft will be approximately $70. Shown below are the diameters from a sample of 80 shafts manufactured during a trial run: Diameter Number of Units Diameter Number of Units Diameter Number of Units 1.232 1 1.273 6 1.292 2 1.240 2 1.274 7 1.293 1 1.250 3…
Brooks Corp. has the following information: Beginning Inventory (1/1) $20,000 $15,000 $30,000 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials purchases Direct labor Manufacturing overhead actual Manufacturing overhead applied Compute the cost of goods manufactured. O $235,000 O $245,000 O $242,000 Ending Inventory (12/31) $30,000 $18,000 $20,000 $255,000 $100,000 $75,000 $90,000 $80,000
Answer please its urgent
3. Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Sales Accounts Payable Accounts Receivable Direct Materials Merchandise Inventory PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Using the above accounts, prepare journal entries for the following transactions: Completion of Job 113: DR ? ? CR ? ? Completion of Job 85: DR ? ? CR ? ? Sale of Job 85: DR ? ? CR ? ? DR ? ? CR ? ?

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	Finished Goods Inventory 5,000 Work in Process Inventory 5,000
	Cost of Goods Sold 5,000 Work in Process Inventory 5,000
	Work in Process Inventory 5,000 Finished Goods Inventory 5,000
	*Cost of Goods Sold 5,000 Finished Goods Inventory 5,000