Homework Answers
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37. The entry would be Debit : Work in Process Inventory - assembly (125,000*90%) 112,500 Debit : Work in Process Inventory - finishing (35,000*90%) 31,500 Credit : Factory overhead 144,000 Option D |
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Total manufacturing cost = Cost of Goods manufactured - Beginning wip inventory + Ending wip inventory = 170,000 - 5000 + 15000 = 180,000 Option A |
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Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,100,...
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Process—Cutting $3,600, Work in Process—Assembly $11,600, and
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1.
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3.
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4.
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5.
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Lott Company uses a job order cost system and applies overhead to production on the basis...
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2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
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please help with the following.
oport Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5.200, Work in Process-Cutting $3.900, Work in Process-Assembly $10,800, and Finished Goods $32,600. During July, the following transactions occurred. 1. Purchased $63.100 of raw materials on account. 2. Incurred $60,200 of factory labor. (Credit Wages Payable) 3. Incurred $72.000 of manufacturing overhead: $42.900 was paid and the remainder isung 4. Requisitioned materials for Cutting $17.200 and Assembly $9.500. 5....
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Schrager Company has two production departments: Cutting and
Assembly. July 1 inventories are Raw Materials $5,100, Work in
Process—Cutting $3,600, Work in Process—Assembly $11,600, and
Finished Goods $32,600. During July, the following transactions
occurred.
1.
Purchased $62,700 of raw materials on account.
2.
Incurred $61,600 of factory labor. (Credit Wages Payable.)
3.
Incurred $71,600 of manufacturing overhead; $42,000 was paid
and the remainder is unpaid.
4.
Requisitioned materials for Cutting $16,600 and Assembly
$9,600.
5.
Used factory labor for Cutting...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24.800, direct labor $14,880, and manufacturing overhead $19.840. As of January 1. Job 49 had been completed at a cost of $111.600 and was part of finished goods inventory. There was a $18,600...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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