Homework Answers
Correct answer---------the cost of goods completed during the current year whether they are started before or during the current year.
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The amount of cost charged to jobs during the year is work in process cost and the amount transferred from finished to cost of goods sold is equal to cost of goods sold. Cost of goods places in a year is cost of current period or total manufacturing cost.
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QUESTION 5 The Cost of Goods Manufactured represents: the amount of cost charged to jobs during...
Question 19 2 pts On the cost of goods manufactured schedule, the cost of goods manufactured...
Question 19 2 pts On the cost of goods manufactured schedule, the cost of goods manufactured agrees with the e) balance of Finished Goods Inventory at the end of the period. total debits to Work in Process inventory during the period. O amount transferred from Work in Process Inventory to Finished Goods during the period. debits to Cost of Goods Sold during the period. Question 20 2 pts
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...
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...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June. Debits to account: Balance, June 1 Direct naterials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) $ 5,e8e 18,888 12,eee 15,8ee $ 58,800 Total debits to account Credits to account: Transferred to...
QUESTION 7 Cost of Goods Manufactured (COGM, although the book refers to it as CGM) represents...
QUESTION 7 Cost of Goods Manufactured (COGM, although the book refers to it as CGM) represents _______________________. A. Total prime costs B. Total product cost when goods are finished and moved to finished goods inventory. C. Total product cost when sold D. Total amount of overhead applied QUESTION 8 In following the flow of Product Costs, once completed the product costs go to Finished Goods Inventory. The Journal Entry reflects a debit to Finished Goods and a credit to ________________....
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,200. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,500. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
The inventory at June 1 and costs charged to Work in Process—Department 60 during June are...
The inventory at June 1 and costs charged to Work in Process—Department 60 during June are as follows: 3,800 units, 60% completed Direct materials, 32,000 units Direct labor Factory overhead Total cost to be accounted for $ 60,400 378,000 274,000 168,000 $880,400 During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units which were 85% completed. Inventories...
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....
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
Question 19 2 pts On the cost of goods manufactured schedule, the cost of goods manufactured agrees with the e) balance of Finished Goods Inventory at the end of the period. total debits to Work in Process inventory during the period. O amount transferred from Work in Process Inventory to Finished Goods during the period. debits to Cost of Goods Sold during the period. Question 20 2 pts
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...
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...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June. Debits to account: Balance, June 1 Direct naterials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) $ 5,e8e 18,888 12,eee 15,8ee $ 58,800 Total debits to account Credits to account: Transferred to...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the...
The inventory at June 1 and costs charged to Work in Process—Department 60 during June are as follows: 3,800 units, 60% completed Direct materials, 32,000 units Direct labor Factory overhead Total cost to be accounted for $ 60,400 378,000 274,000 168,000 $880,400 During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units which were 85% completed. Inventories...
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....
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