Homework Answers
Answer
- Work in Process account, with regards to ‘material’, is:
Debited by the amount of DIRECT MATERIAL used/requisitioned, and
Debited by the amount of OVERHEAD applied (which include indirect material). - However, WIP Inventory is CREDITED by the amount of Cost transferred to Finished goods .
- Hence, Correct Answer = Option #1: $ 0 will be credited to WIP Inventory account with respect to raw material transactions.
Add Answer to:
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the...
On November 1, Arvelo Corporation had $35,000 of raw materials on hand. During the month, the...
On November 1, Arvelo Corporation had $35,000 of raw materials on hand. During the month, the company purchased an additional $75,000 of raw materials. During November, $89,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,600. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of...
Pl show the calculations. On August 1, Shead Corporation had $33,700 of raw materials on hand....
Pl show the calculations. On August 1, Shead Corporation had $33,700 of raw materials on hand. During the month, the company purchased an additional $75,800 of raw materials. During August, $79,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account...
On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an ad...
On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $$54,000 of raw materials. During January. $50.000 of rew materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the purchase of raw materials would include a: Mutiple Choice credit to Raw Materials of $54,000 debit to Rew Materials of $54,000...
Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the...
Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $92,000 of raw materials. The Journal entry to record the purchase of raw materials would include a: Multiple Choice 9.29 debit to Raw Materials of $135,000 debit to Row Materials of $92,000 credit to Raw Materials of $135,000 credit to Raw Materials of $92,000
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
During June, Briganti Corporation purchased $88,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
During September at Renfro Corporation, $65,000 of raw materials were requisitioned from the storeroom for use...
During September at Renfro Corporation, $65,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $8,000. The journal entry to accurately record this requisition would be: Multiple Choice Dr. MOH $57,000 Dr. WIP $8,000 Cr. Raw Materials $65,000 Dr. WIP $57,000 Dr. MOH $8,000 Cr. Raw Materials $65.000 Dr. WIP $57,000 Dr. MOH $8,000 Cr. Direct Materials $65,000 Dr. WIP $65,000 Cr. MOH $8,000...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month,...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
Skolnick Corporation has provided the following information: Cost per Period Cost per Unit $5.30 $ 3.50...
Skolnick Corporation has provided the following information: Cost per Period Cost per Unit $5.30 $ 3.50 1.60 Direct materials Direct labor Variable manufacturing overhead S Fixed manufacturing overhead Sales comissions Variable administrative expense Fixed selling and administrative expense $150,000 1.40 $ 45,000 Required: a. If 10,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round Intermediate calculations.) b. If 10,000 units are produced, what is the total amount of indirect manufacturing costs incurred?...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $$54,000 of raw materials. During January. $50.000 of rew materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the purchase of raw materials would include a: Mutiple Choice credit to Raw Materials of $54,000 debit to Rew Materials of $54,000...
Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $92,000 of raw materials. The Journal entry to record the purchase of raw materials would include a: Multiple Choice 9.29 debit to Raw Materials of $135,000 debit to Row Materials of $92,000 credit to Raw Materials of $135,000 credit to Raw Materials of $92,000
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
During September at Renfro Corporation, $65,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $8,000. The journal entry to accurately record this requisition would be: Multiple Choice Dr. MOH $57,000 Dr. WIP $8,000 Cr. Raw Materials $65,000 Dr. WIP $57,000 Dr. MOH $8,000 Cr. Raw Materials $65.000 Dr. WIP $57,000 Dr. MOH $8,000 Cr. Direct Materials $65,000 Dr. WIP $65,000 Cr. MOH $8,000...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
Skolnick Corporation has provided the following information: Cost per Period Cost per Unit $5.30 $ 3.50 1.60 Direct materials Direct labor Variable manufacturing overhead S Fixed manufacturing overhead Sales comissions Variable administrative expense Fixed selling and administrative expense $150,000 1.40 $ 45,000 Required: a. If 10,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round Intermediate calculations.) b. If 10,000 units are produced, what is the total amount of indirect manufacturing costs incurred?...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
Most questions answered within 3 hours.
-
26) Briefly describe, using words or simple diagrams, the
chemiosmotic theory for coupling oxidation to phosphorylation...
asked 1 hour ago -
Suppose that XX is a random variable with mean 16 and standard
deviation 5 . Also...
asked 2 hours ago -
Calculate the number density of argon gas at a temperature of
24C and a pressure of...
asked 5 hours ago -
Alternative
Classification
How to Estimate
Probabilities from Data? ( For continuous Attributes)
And How to generate...
asked 5 hours ago -
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 6 hours ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 7 hours ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 8 hours ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 8 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 8 hours ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 9 hours ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 9 hours ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 9 hours ago