Chapter 17- the cost of production of completed jobs moved to finished goods doing the period...
Chapter 17- the cost of production of completed jobs moved to finished goods doing the period amounted to $600,000, and the finished products shipped to customer had total production (job cost) cost of $397,000. What is the cost of the goods sold? What is the cost of the finished goods?
Homework Answers
| Cost of the goods sold | 397000 | |
| Finished goods | 397000 | |
| (To record cost of good sold) | ||
| Cost of the goods sold | 397000 | |
| Cost of the finished goods remaining in inventory | 203000 | =600000-397000 |
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Chapter 17- the cost of production of completed jobs moved to
finished goods doing the period...
Chapter 17- the cost of production of completed jobs moved to finished goods doing the period amounted to $600,000, and...
Chapter 17- the cost of production of completed jobs moved to finished goods doing the period amounted to $600,000, and the finished products shipped to customer had total production (job cost) cost of $397,000. What is the cost of the goods sold?
27. The cost of production of completed and finished goods during the period amounted to $450,000,...
27. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357.000. From the following select the entry to record the transfer of cost the finished goods to cost of goods sold Finished Coads 450.000 Cost of Goods Sold 450,000 Finished Goods 357.000 Cost of Goods Sold 357,000 e Cost of Goods Sold 357.000 Finished Goods 357,000 d Cost of Good Sold 450.000...
14. The cost of production of completed and finished goods during the period amou to $...
14. The cost of production of completed and finished goods during the period amou to $ 400,000 and the finished products shipped to customers had total production cost $ 337,000. From the following, select the entry to record the transfer of costs from fini goods to Cost of Goods Sold. (2 pts) A. COGS 337,000 Finished Goods Shipped to customers. 337,000 B. Finished Goods 337,000 Work in Process Finished all jobs on the line. 337,000 C. Work in Process 400,000...
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...
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods...
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April Jobs A and B were in process at the beginning of April....
Match the phrase to the right answer. (finished goods, actual, cost of goods manufactured, work in...
Match the phrase to the right answer. (finished goods, actual, cost of goods manufactured, work in process, direct, estimated, raw materials inventory, cost of goods sold, allocated, and timecard) - Accounts where job are born - Type of labor incurred by hands on factory workers - Document for capturing labor hours - Type of Overhead put into WIP when using Job Costing - Landing place for sold jobs - Cost of finished products for the period - Location of all...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,110. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,440 $2,460 102 2,980 3,320 103 1,980 1,620 104 6,690 6,100 105 4,250 4,650 106 3,100 2,950 For general factory use 830 3,640 Factory overhead costs incurred on account, $4,660....
What is the correct finished goods inventory and cost of goods sold when the jobs are...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Calculate Betty's: A) Work In Process Inventory Balance at December 31, 2020 B) Finished goods inventory...
Calculate Betty's:
A) Work In Process Inventory Balance at December 31,
2020
B) Finished goods inventory balance at December 31,
2020.
C) gross profit reported in Betty DeRose's income
statement for 2020.
At January 1, 2020, Betty DeRose, Inc. reported work in process totaling $18,670. This balance was made up of three jobs having the following costs: Job #171 $4,390 Job #236 $6,370 Job #412 $7,910 total cost at Jan. 1, 2020 ..... During 2020, Betty DeRose reported the following...
27. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357.000. From the following select the entry to record the transfer of cost the finished goods to cost of goods sold Finished Coads 450.000 Cost of Goods Sold 450,000 Finished Goods 357.000 Cost of Goods Sold 357,000 e Cost of Goods Sold 357.000 Finished Goods 357,000 d Cost of Good Sold 450.000...
14. The cost of production of completed and finished goods during the period amou to $ 400,000 and the finished products shipped to customers had total production cost $ 337,000. From the following, select the entry to record the transfer of costs from fini goods to Cost of Goods Sold. (2 pts) A. COGS 337,000 Finished Goods Shipped to customers. 337,000 B. Finished Goods 337,000 Work in Process Finished all jobs on the line. 337,000 C. Work in Process 400,000...
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...
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April Jobs A and B were in process at the beginning of April....
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Calculate Betty's:
A) Work In Process Inventory Balance at December 31,
2020
B) Finished goods inventory balance at December 31,
2020.
C) gross profit reported in Betty DeRose's income
statement for 2020.
At January 1, 2020, Betty DeRose, Inc. reported work in process totaling $18,670. This balance was made up of three jobs having the following costs: Job #171 $4,390 Job #236 $6,370 Job #412 $7,910 total cost at Jan. 1, 2020 ..... During 2020, Betty DeRose reported the following...
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