Homework Answers
The correct answer will be the third option i.e,
Finished Goods xxx
Work in Process - Waterproofing xxx
As according to this entry the Goods produced in Waterproofing department are transferred to the Finished Goods Account, which is correct as it is in accordance with the information provided in the question.
The other answers are wrong as:
1. The first Journal entry represents transfer of units from waterproofing to Raw material , which is wrong as Waterproofing is the last step after which goods are transferred to Finished Goods account
2. The second Journal entry is wrong as according to it Goods from fabrication as well as Waterproofing are transferred to Finished goods account which is not correct as goods from fabrication are firstly transferred to Waterproofing and then the units from Waterproofing are transferred to Finished Goods accounts.
3. The Fourth Journal Entry is also wrong as it shows transfer of units from Waterproofing to Manufacturing overhead, which is not correct
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A Corporation manufactures cano to collect costs. The units start in Fabrication, are completed in Waterproofing,...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20% complete...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted- average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20%...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted- average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20%...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted everage process cost system to collect costs in both departments All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were...
Arizaga Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arizaga Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arizaga uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 510 canoes in process that were 20%...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20%...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20%...
QUESTION 12 Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fa canoe-shaped...
QUESTION 12 Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fa canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On that were 20% complete with respect to conversion cost. On July 31, Fabrication had 20 canoes in proc During July, the Fabrication Department completed 79 canoes and...
Saved Help Save & E Suer Hutchcroft Corporation uses the weighted average method in its process...
Saved Help Save & E Suer Hutchcroft Corporation uses the weighted average method in its process costing. The following data concern the company's Assembly Department for the month of June. Cost per equivalent unit Equivalent units in ending work in process Materials $ 27.30 939 Conversion $ 30.10 375 During the month, 6,800 units were completed and transferred from the Assembly Department to the next department 2:49 Required: Determine the cost of ending work in process inventory and the cost...
1. The Richmond Corporation uses the weighted-average method in its process costing system. The company has...
1. The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 21,200 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $3.55 for materials and $5.05 for labor and overhead, the total...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted- average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20%...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted- average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20%...
Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted everage process cost system to collect costs in both departments All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were...
QUESTION 12 Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fa canoe-shaped aluminum frame. The canoes are then transferred to the Waterproofing department to process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On that were 20% complete with respect to conversion cost. On July 31, Fabrication had 20 canoes in proc During July, the Fabrication Department completed 79 canoes and...
Saved Help Save & E Suer Hutchcroft Corporation uses the weighted average method in its process costing. The following data concern the company's Assembly Department for the month of June. Cost per equivalent unit Equivalent units in ending work in process Materials $ 27.30 939 Conversion $ 30.10 375 During the month, 6,800 units were completed and transferred from the Assembly Department to the next department 2:49 Required: Determine the cost of ending work in process inventory and the cost...
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