Homework Answers
| Transaction | Debit | Credit |
| 1 | Work in Process - Cutting Department | Raw Materials |
| 2 | Work in Process - Shaping Department | Manufacturing Overhead |
| 3 | Work in Process - Shaping Department | Work in Process - Cutting Department |
| 4 | Finish Goods | Work in Process - Shaping Department |
| 5 | Cost of Goods Sold | Finish Goods |
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Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate...
Debit Credit Transaction 1 Raw materials worth $12,000 were issued for use in the Cutting Department...
Debit Credit Transaction 1 Raw materials worth $12,000 were issued for use in the Cutting Department 2 Manufacturing overhead was applied to the Shaping Department, $10,000 Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department Finished snowboards worth $80,000 were transferred from the Shaping "Department to the finished goods warehouse 5 Finished bricks that cost $100,000 were sold to customers
For each of the five transactions described below, use the dropdown boxes to indicate which account...
For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and which account should be credited. Transaction Debit Credit 1. Direct materials are issued into production for a specific job 2. Salary of the Production Supervisor is payable 3. Lubricating oil, waste cotton, and solder are used in the factory. 4. The wages of direct laborers who worked on a particular job are payable. Manufacturing overhead is applied to jobs using...
Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s...
Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations in March follows: a. Raw materials were issued for use in production: Molding Department, $23,000; and Firing Department, $8,000. b. Direct labor costs were incurred: Molding Department, $12,000; and Firing Department, $7,000. c. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's process...
Journalize the following transactions below. Alpha Company has two production departments: Cutting and Assembly. During July,...
Journalize the following transactions below. Alpha Company has two production departments: Cutting and Assembly. During July, the following transaction occurred. 1. Purchased $42,500 of raw materials on account. 2. Incurred $60,000 of factory labor. (Credit Factory Wages Payable.) 3. Incurred $70,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. 4. Requisitioned materials for Cutting $15,700 and Assembly $8,900. 5. Used factory labor for Cutting $33,000 and Assembly $27,000. 6. Applied overhead at the rate of $18 per...
Chapter 4 Exercises i Saved Quality Brick Company produces bricks in two processing departments-Molding and Firing....
Chapter 4 Exercises i Saved Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: 20 points Skipped a. Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000. b. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. c. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According...
-ANALYSIS OF TRANSACTIONS- elected operations INSTRUCTIONS: Indicate the titles of the accounts to be debited and...
-ANALYSIS OF TRANSACTIONS- elected operations INSTRUCTIONS: Indicate the titles of the accounts to be debited and credited in recording the s given below by inserting the le amounts.) ACCOUNTS . Sales J. Wages Payable K. Work in Process-Department A L. Work in Process-Department B A. Accounts Payable E. Factory Overhead-Department A C. Cash D. Cost of Goods Sold G. Finished Goods H. Materials For Debit Scoring Credit Scoring 0. 0. 0. Purchased materials on account, $62,000 Materials requisitioned by Department...
For each of the statements below, use the dropdown box to select the response that completes the sentence correctly. Knowledge Check 01 When the units produced are equal to the units sold, net operat...
For each of the statements below, use the dropdown box to select the response that completes the sentence correctly. Knowledge Check 01 When the units produced are equal to the units sold, net operating income computed using the absorption costing approach is the net operating income computed using the variable costing approach. Knowledge Check 01 Which of the following costing approaches is best suited for cost-volume-profit analysis? Absorption Normal Standard Variable Knowledge Check 01 The use of absorption costing for...
12 B Step #3: Now, enter the transactions and adjustments for January. While the computer will...
12 B Step #3: Now, enter the transactions and adjustments for January. While the computer will post the transactions to the accounts in the general ledger, you should use the job cost cards as necessary. When you ve entered all of the transactions, print your income statement and balance sheet. 1/3 Received $10,000 from customers paying on account 1/5 Purchased raw materials on account from Smith Co. for $115,000. 1/12 Requisitioned raw materials from the warehouse for Job #107 -...
Please answer 4-30. Below is 4-28 question and answer for background to 4-30: XLS 4-28 Job...
Please answer 4-30. Below is 4-28 question and answer for
background to 4-30:
XLS 4-28 Job order costing (CMA adapted) (LO 5) ErgoFurn, Inc. manufactures ergonomically designed computer furniture. ErgoFurn uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. Item Units Accumulated Cost CC723 Computer caddy 20,000 $ 900,000 CH291 Chair 15,000 431,000 PS812 Printer stand 25,000 250,000 $1,581,000 On November 30, ErgoFurn's Raw Materials Inventory account totaled...
Scholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses...
Scholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses a normal costing system, in which manufacturing overhead is applied on the basis of direct-labor hours. The company’s budget for the current year included the following predictions. Budgeted total manufacturing overhead ..........................................................................................................$426,300 Budgeted total direct-labor hours (based on practical capacity) .....................................................................20,300 During March, the firm worked on the following two production jobs: Job number T81, consisting of 76 trombones Job number C40, consisting of...
Debit Credit Transaction 1 Raw materials worth $12,000 were issued for use in the Cutting Department 2 Manufacturing overhead was applied to the Shaping Department, $10,000 Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department Finished snowboards worth $80,000 were transferred from the Shaping "Department to the finished goods warehouse 5 Finished bricks that cost $100,000 were sold to customers
For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and which account should be credited. Transaction Debit Credit 1. Direct materials are issued into production for a specific job 2. Salary of the Production Supervisor is payable 3. Lubricating oil, waste cotton, and solder are used in the factory. 4. The wages of direct laborers who worked on a particular job are payable. Manufacturing overhead is applied to jobs using...
Chapter 4 Exercises i Saved Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: 20 points Skipped a. Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000. b. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. c. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According...
-ANALYSIS OF TRANSACTIONS- elected operations INSTRUCTIONS: Indicate the titles of the accounts to be debited and credited in recording the s given below by inserting the le amounts.) ACCOUNTS . Sales J. Wages Payable K. Work in Process-Department A L. Work in Process-Department B A. Accounts Payable E. Factory Overhead-Department A C. Cash D. Cost of Goods Sold G. Finished Goods H. Materials For Debit Scoring Credit Scoring 0. 0. 0. Purchased materials on account, $62,000 Materials requisitioned by Department...
For each of the statements below, use the dropdown box to select the response that completes the sentence correctly. Knowledge Check 01 When the units produced are equal to the units sold, net operating income computed using the absorption costing approach is the net operating income computed using the variable costing approach. Knowledge Check 01 Which of the following costing approaches is best suited for cost-volume-profit analysis? Absorption Normal Standard Variable Knowledge Check 01 The use of absorption costing for...
12 B Step #3: Now, enter the transactions and adjustments for January. While the computer will post the transactions to the accounts in the general ledger, you should use the job cost cards as necessary. When you ve entered all of the transactions, print your income statement and balance sheet. 1/3 Received $10,000 from customers paying on account 1/5 Purchased raw materials on account from Smith Co. for $115,000. 1/12 Requisitioned raw materials from the warehouse for Job #107 -...
Please answer 4-30. Below is 4-28 question and answer for
background to 4-30:
XLS 4-28 Job order costing (CMA adapted) (LO 5) ErgoFurn, Inc. manufactures ergonomically designed computer furniture. ErgoFurn uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. Item Units Accumulated Cost CC723 Computer caddy 20,000 $ 900,000 CH291 Chair 15,000 431,000 PS812 Printer stand 25,000 250,000 $1,581,000 On November 30, ErgoFurn's Raw Materials Inventory account totaled...
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