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.
-
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 1 minute ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 21 minutes ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 30 minutes ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 40 minutes ago -
Write a script in MySQL that creates and calls a stored
procedure name test. This procedure...
asked 41 minutes ago -
If we test the following: H0: μ = 17
vs. H1: μ ≠ 17 and the...
asked 51 minutes ago -
in the past year TVG had revenues of 3 million, cost
of goods sold of $25...
asked 57 minutes ago -
4) In a polypeptide, which bond cannot rotate because of its
partial double bond character?
The...
asked 1 hour ago -
Assume that in the short run L = 1,000 and K = 100. 1. What is...
asked 1 hour ago -
At a given temperature, 2.06 atm of H2 and 3.7 atm of Br2 are
mixed and...
asked 1 hour ago -
Sodium reacts with Hydrochloric acid to form sodium chloride and
hydrogen gas. 2Na(s)+ 2 HCl(aq)-> 2...
asked 1 hour ago -
The following circuits (1 & 2) are combined to form a
series-parallel circuit and resulting circuit...
asked 1 hour ago