Service Organization Accounts. Provide the account name commonly used by service companies for each of the...
Service Organization Accounts. Provide the account name commonly used by service companies for each of the following accounts used in a manufacturing environment.
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Raw materials inventory
-
Work-in-process inventory
-
Finished goods inventory
-
Cost of goods sold
-
Manufacturing overhead
Homework Answers
Account name :
| Manufacturing environment | Service organisation |
| Raw material inventory | Supplies inventory |
| Work in process inventory | Service in Process contract |
| Finished goods inventory | Cost of completed service contract |
| Cost of goods sold | Cost of service |
| manufacturing overhead | Operating overhead |
Add Answer to:
Service Organization Accounts. Provide the
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Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials...
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adjust the manufacturing overhead account prepare the journal entry and post thr transactions to T-account Cedar...
adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
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Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...
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Please please please answer all :)))) 1. A selected list of accounts used by Firenze Flooring...
Please please please answer all :))))
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Rockeagle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials...
Rockeagle Corporation began fiscal Year 2 with the following
balances in its inventory accounts.
Raw Materials
$
30,000
Work in Process
45,000
Finished Goods
14,000
During the accounting period, Rockeagle purchased $125,000 of raw
materials and issued $124,000 of materials to the production
department. Direct labor costs for the period amounted to $162,000,
and manufacturing overhead of $24,000 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied
overhead. Goods costing $306,000 to produce were...
Begin with the Work-in-Process—Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS =...
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Managerial accounting
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1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials Inventory Work In Process Inventory Finished Goods Inventory Accounts or Wages Payable Factory Labor Manufacturing Overhead Cost of Goods Sold Sales Revenue Firenze Flooring uses a job order system and maintains perpetual inventory records. Instructions: Place the appropriate account in the columns indicating the appropriate account(s) to be debited and credited for the transactions listed below Transaction Account(s) Debited Account(s) Credited a) Raw materials...
adjust the manufacturing overhead account
prepare the journal entry and post thr transactions to
T-account
Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...
used by Houston is as The chart of accounts and account numbers # b order cost sytem to record data events. Houston Enterprises uses a CHART OF ACCOUNTS Acct Name t Name 71 Sales 10 Cash 11 Accounts recelvable 52 Factory wages payable 12 Raw materials inventory Cost of goods sold Wages expense 3 Work in process inventory 14 Finished goods inventory 2Depreciation expense 15 Accumulated depreciation100 Factory labor 101 Manufacturing overhead 51 Accounts payable 101 Manufacturing ovethead payable the...
Please please please answer all :))))
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1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. Raw Materials - . Work in Process - Finished Goods-
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
Rockeagle Corporation began fiscal Year 2 with the following
balances in its inventory accounts.
Raw Materials
$
30,000
Work in Process
45,000
Finished Goods
14,000
During the accounting period, Rockeagle purchased $125,000 of raw
materials and issued $124,000 of materials to the production
department. Direct labor costs for the period amounted to $162,000,
and manufacturing overhead of $24,000 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied
overhead. Goods costing $306,000 to produce were...
Begin with the Work-in-Process—Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sol Finished Goods, WIP = Work-in-Process) WIP—Finishing Balance, May 1 Direct Materials Direct Labor Manufacturing Overhead Balance, May 31 Work-in-Process Inventory-Cutting 83,000 Transfer out to 49,000 15,000 29,000 10,000 Work-in-Process Inventory-Finishing 8,000 130,000 Transfer out to 83000 24,000 WIP—Packaging Balance, May 1 Transfer in from WIP-Cutting Direct Materials Direct Labor Manufacturing Overhead Balance, May 31 16,000 4,000
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