During March, Zea Inc. transferred $59,000 from Work in Process to Finished Goods and recorded a...
During March, Zea Inc. transferred $59,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a:
Multiple Choice
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credit to Cost of Goods Sold of $65,000.
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debit to Finished Goods of $65,000.
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credit to Work in Process of $59,000.
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credit to Finished Goods of $59,000.
Homework Answers
The work in process of $59,000 is credited.
The answer is credit to Work in Process of $59,000.
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During March, Zea Inc. transferred $59,000 from Work in Process
to Finished Goods and recorded a...
During March, Zea Inc. transferred $52,000 from Work in Process to Finished Goods and recorded a...
During March, Zea Inc. transferred $52,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $58,000. The journal entries to record these transactions would include a: Multiple Choice debit to Finished Goods of $58,000. credit to Finished Goods of $52,000. O O credit to Work in Process of $52,000. credit to Cost of Goods Sold of $58,000. O
13. During October, Beidleman Inc. transferred $67,700 from Work in Process to Finished Goods and recorded...
13. During October, Beidleman Inc. transferred $67,700 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $73,160. The journal entries to record these transactions would include a:
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $839,000. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Finished Goods Inventory $839,000; credit Work in Process Inventory $839,000. Debit Finished Goods Inventory $160,200; credit Cost of Goods Sold $160,200. Debit Cost...
Finished Goods and Cost of Goods Sold Before the completed production for August is recorded, the...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
March 1 balance Work in Process-defining Department 33,200 Completed and transferred to atending 151,600 76,200 482.000...
March 1 balance Work in Process-defining Department 33,200 Completed and transferred to atending 151,600 76,200 482.000 Materiala Direet labor Overhead March 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,400, direct labor, $3,700; and overhead, $21,100. Costs incurred during March in the Blending Department were materials used, $46,000, direct labor, 518,000, and overhead cost applied to production, $105,000 Required: 1. Prepare journal entries to record the costs incurred in...
In a job-order costing system, indirect labor cost is usually recorded as a debit to: Multiple...
In a job-order costing system, indirect labor cost is usually recorded as a debit to: Multiple Choice Cost of Goods Sold. Manufacturing Overhead. ООО Work in Process. Finished Goods. On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $60,000 of raw materials. During December, $62,000 of raw materials were requisitioned from the storeroom for use in production. The debits entered in the Raw Materials account during the month of...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
Assembly to be assembled and painted. From Assembly, the chairs are transferred to Finished Goods Inventory...
Assembly to be assembled and painted. From Assembly, the chairs are transferred to Finished Goods Inventory and then are sold Mesa has compiled the following information for the month of February Direct materials Direct labor Applied manufacturing overhead Cost of goods completed and transferred out 77,000$ 74,000 58000 227,000 $ 17,000 9,000 167,000 272,000 Required: 1,2,3, & 4 Prepare journal entries for the transactions in the Cutting and Assembly Departments of Mesa Company, (If no entry is required for a...
During March, the production department of a process operations system completed and transferred to finished goods...
During March, the production department of a process operations system completed and transferred to finished goods 30,000 units that were in process at the beginning of March and 200,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 64% complete with respect to conversion. At the end of March, 39,000 additional units were in process in the production department and were 100% complete with respect to materials and 39%...
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers....
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments-Refining and Blending. Raw materials are introduced at various points in the Refining Department. The following incomplete Work in Process account is available for the Refining Department for March: Work in Process-Refining Department March 1 balance 33,600Completed and transferred to Blending Materials Direct labor Overhead March 31 balance 154,600 80,200 488, 000 The March 1 work in...
During March, Zea Inc. transferred $52,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $58,000. The journal entries to record these transactions would include a: Multiple Choice debit to Finished Goods of $58,000. credit to Finished Goods of $52,000. O O credit to Work in Process of $52,000. credit to Cost of Goods Sold of $58,000. O
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
March 1 balance Work in Process-defining Department 33,200 Completed and transferred to atending 151,600 76,200 482.000 Materiala Direet labor Overhead March 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,400, direct labor, $3,700; and overhead, $21,100. Costs incurred during March in the Blending Department were materials used, $46,000, direct labor, 518,000, and overhead cost applied to production, $105,000 Required: 1. Prepare journal entries to record the costs incurred in...
In a job-order costing system, indirect labor cost is usually recorded as a debit to: Multiple Choice Cost of Goods Sold. Manufacturing Overhead. ООО Work in Process. Finished Goods. On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $60,000 of raw materials. During December, $62,000 of raw materials were requisitioned from the storeroom for use in production. The debits entered in the Raw Materials account during the month of...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
Assembly to be assembled and painted. From Assembly, the chairs are transferred to Finished Goods Inventory and then are sold Mesa has compiled the following information for the month of February Direct materials Direct labor Applied manufacturing overhead Cost of goods completed and transferred out 77,000$ 74,000 58000 227,000 $ 17,000 9,000 167,000 272,000 Required: 1,2,3, & 4 Prepare journal entries for the transactions in the Cutting and Assembly Departments of Mesa Company, (If no entry is required for a...
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments-Refining and Blending. Raw materials are introduced at various points in the Refining Department. The following incomplete Work in Process account is available for the Refining Department for March: Work in Process-Refining Department March 1 balance 33,600Completed and transferred to Blending Materials Direct labor Overhead March 31 balance 154,600 80,200 488, 000 The March 1 work in...
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