Homework Answers
Process costing method
Process costing is used by the organisation as an cost
accounting Method for the purpose of allocation and identification
of production for manufacturing cost to the units produced.
This process is useful for the organisation where the manufacturing
is done continuously in large quantities in more than one
process.
As per process costing method, in the entries will be passed in
books for the finished goods and change in work in progress
inventory.
Debit finished goods
Credit WIP inventory.
Therefore , in the given situation $839000 of units are completed during the period.
so entry that is correct is option "C"
Debit finished goods $839000
Credit WIP inventory $ 839000.
Add Answer to:
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $839,000. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Finished Goods Inventory $839,000; credit Work in Process Inventory $839,000. Debit Finished Goods Inventory $160,200; credit Cost of Goods Sold $160,200. Debit Cost...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $854,000. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished...
Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory on October 1. It transferred in $852,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $173,200 The entry to account for the cost of goods manufactured during October is Ο Debit Cost of Goods Sold $852,000; credit Finished Goods Inventory $852,000. Ο Debit Cost of Goods Sold $854,300, credit Work in Process Inventory $854,300. Ο Debit...
#7 Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods...
#7
Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods Inventory on October 1. It transferred in $838,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $159,200. The entry to account for the cost of goods manufactured during October is:
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products...
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products costing $920 and sold them on account to XYZ Corporation for $1,315. What is the journal entry that ABC Company should make to record the sale? Multiple Choice Cost of Goods Sold Sales SU315 $1315 SUS Accounts Receivable Sales Finished Goods inventory $395 $920 $0315 Accounts Receivable Sales Cost of Goods Sold Finished Goods Inventory SLOS $920 $920 Direct Materials 68,000 Conversion 68,000 Equivalent...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $940 and sold them on credit to Percy Corporation for $1,355. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1,355; credit Sales $1,355; debit Cost of Goods Sold $940; credit Finished Goods Inventory $940. Debit Accounts Receivable $1,355; debit Selling expense $940; credit Sales $1,355; credit Cost of Goods Sold $940. Debit Cost...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $980 and sold them on credit to Percy Corporation for $1,435. The complete journal entry to be made by Wyman at the time of this sale is: Multiple Choice Debit Accounts Receivable $1,435; credit Sales $1,435; debit Cost of Goods Sold $980; credit Finished Goods Inventory $980. Debit Accounts Receivable $1,435; credit Sales $455; credit Finished Goods Inventory $980. Debit Cost of Goods Sold...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credit to Percy Corporation for $1,075. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1,075; credit Sales $1,075; debit Cost of Goods Sold $800; credit Finished Goods Inventory $800. Debit Accounts Receivable $1,075; credit Sales $275; credit Finished Goods Inventory $800. Debit Cost of Goods Sold $1,075; credit...
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
Help Save & Exit Richards Corporation uses the FIFO method of process costing. The following information...
Help Save & Exit Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department لا 02-1901 Units: Beginning Inventory. 83,000 units, 70% complete as to materials and 25% complete as to conversion Units started and completed: 253,000 Units completed and transferred out 336,000. Ending Inventory: 31,500 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200 Costs...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $854,000. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished...
Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory on October 1. It transferred in $852,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $173,200 The entry to account for the cost of goods manufactured during October is Ο Debit Cost of Goods Sold $852,000; credit Finished Goods Inventory $852,000. Ο Debit Cost of Goods Sold $854,300, credit Work in Process Inventory $854,300. Ο Debit...
#7
Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods Inventory on October 1. It transferred in $838,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $159,200. The entry to account for the cost of goods manufactured during October is:
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products costing $920 and sold them on account to XYZ Corporation for $1,315. What is the journal entry that ABC Company should make to record the sale? Multiple Choice Cost of Goods Sold Sales SU315 $1315 SUS Accounts Receivable Sales Finished Goods inventory $395 $920 $0315 Accounts Receivable Sales Cost of Goods Sold Finished Goods Inventory SLOS $920 $920 Direct Materials 68,000 Conversion 68,000 Equivalent...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $980 and sold them on credit to Percy Corporation for $1,435. The complete journal entry to be made by Wyman at the time of this sale is: Multiple Choice Debit Accounts Receivable $1,435; credit Sales $1,435; debit Cost of Goods Sold $980; credit Finished Goods Inventory $980. Debit Accounts Receivable $1,435; credit Sales $455; credit Finished Goods Inventory $980. Debit Cost of Goods Sold...
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credit to Percy Corporation for $1,075. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1,075; credit Sales $1,075; debit Cost of Goods Sold $800; credit Finished Goods Inventory $800. Debit Accounts Receivable $1,075; credit Sales $275; credit Finished Goods Inventory $800. Debit Cost of Goods Sold $1,075; credit...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
Help Save & Exit Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department لا 02-1901 Units: Beginning Inventory. 83,000 units, 70% complete as to materials and 25% complete as to conversion Units started and completed: 253,000 Units completed and transferred out 336,000. Ending Inventory: 31,500 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200 Costs...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 54 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 6 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 7 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago