Homework Answers
| 7) | Work in Process | 200000 | |
| Raw Materials | 200000 | ||
| (Direct materials issued to production) | |||
| 8) | Manufacturing Overhead | 50000 | |
| Raw Materials | 50000 | ||
| (Indirect materials issued) | |||
| 9) | Cost of Goods sold | 700000 | |
| Finished Goods | 700000 | ||
| (Transaferred cost associated to FG) | |||
| 10) | Marketing Expenses | 45000 | |
| Cash | 45000 | ||
| (Paid marketing expense in cash) |
*Marketing expense is an indirect expense, so it cannot be included in Manufacturing Overhead Cost.
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ate ed n tamount amount $200.000 departments in amount $50.000 Indirect materials issued to various production...
Perez Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut...
Perez Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Perez's operations for its first year, Year 1. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $110,000 cash contribution from the owners....
Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production....
Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Eminence's operations for its first year, 2018. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $47,000 cash contribution from...
15 Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly....
15 Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. c. Direct labor used by Machining, $23,000; Assembly, $47,000. d. Depreciation expenses: Machining, $4,500; Assembly, $7,800. e. Factory...
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de $600 of direct materials and stoof indirect materials to production 17) The journal entry to issue $600 of direct mat involves debit(s) to the A) Work-in-Process Inventory account for B) Manufacturing Overhead account for 5630 C) Work-in-Process Inventory account for $600 and D) Work-in-Process Inventory account for $630 35 Inventory account for $600 and Finished Goods Inventory account for 530 ocess Inventory account for and Manufacturing Overhead account for $250 18) The journal entry to record indirect labor costs...
Zachary Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut...
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Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare...
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Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5,200,...
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de $600 of direct materials and stoof indirect materials to production 17) The journal entry to issue $600 of direct mat involves debit(s) to the A) Work-in-Process Inventory account for B) Manufacturing Overhead account for 5630 C) Work-in-Process Inventory account for $600 and D) Work-in-Process Inventory account for $630 35 Inventory account for $600 and Finished Goods Inventory account for 530 ocess Inventory account for and Manufacturing Overhead account for $250 18) The journal entry to record indirect labor costs...
Zachary Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair par in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Zachary's operations for its first year, 2018. (Assume that all transactions an for cash unless otherwise stated) 1 The company was started when it acquired a $130.000 cash contribution from the owners 2....
Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 Indirect materials; Assembly, $4,900 Indirect materials c. Direct labor used by Machining, $23,000; Assembly, 547,000. d. Depreciation expenses: Machining. $4,500; Assembly, $7,800 e. Factory overhead...
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