Homework Answers
| Q1. | ||||||
| Answer is: | ||||||
| Accounts receivable | 1315 | |||||
| Sales revenue | 1315 | |||||
| Cost of goods sold | 920 | |||||
| Finished Goods inventory | 920 | |||||
| Q2. | ||||||
| Answer is $ 167,280 | ||||||
| Explanation: | ||||||
| EUP of material cost in Units completed and Transferred out: | 68,000 | |||||
| Multiply: Cost per EUP | 2.46 | |||||
| Material cost in transferred out units | 167280 | |||||
| Q3. | ||||||
| Answer is 119,600 | ||||||
| Explanation: | ||||||
| EUP to Direct labour cost: | ||||||
| Units completed and transferred out | 1,04,000 | |||||
| Units of Ending Work in process | 15600 | |||||
| EUP to Direct labour cost: | 1,19,600 | |||||
| Q4. | ||||||
| Answer is $75,000 and $35,000 | ||||||
| Explanation: | ||||||
| Direct labour cost (labor for specific products): | 75000 | |||||
| Indirect labour: | ||||||
| Indirect labour not traceable to specific product | 24000 | |||||
| factory Supervisor salary | 11000 | |||||
| Total Indirect labour | 35000 | |||||
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Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products...
ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly •...
ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly • $37,000 of labor related to product finishing, and $24,000 of labor for the assembly and finishing supervisors' salaries. The journal entries to record the labor costs for ABC Company would include: . Multiple Choice a debit to Work in Process for $125,000 and a debit to Factory Overhead for $24,000. a debit to Work in Process for $149,000. a debit to Work in Process...
Help Save & Exit Submit Check my work Exercise 16-3 Terminology in process costing LO C1,...
Help Save & Exit Submit Check my work Exercise 16-3 Terminology in process costing LO C1, A1 Select each of the items with the best description of its purpose. Items Work in process inventory accounts Description 1. Hold production costs until products are transferred from production to finished goods (or another department) 2. Standardizes partially completed units into equivalent completed units 3. Holds costs of finished products until sold to customers 4. Describes the activity and output of a production...
Review the information in the table below. What is the journal entry needed to record the...
Review the information in the table below. What is the journal entry needed to record the overhead allocation for the period? Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transferred to finished goods Cost of goods sold Credit sales $ 102,000 $ 175,000 1588 $ 447,000 $ 459,000 $ 960,000 Multiple Choice $175,000 Work in Process Cash $175.000 $276.500 Factory Overhead Cash $275,500 < Prev 2 of 13 III Next > MacBook Pro Chapter...
The following information applies to the questions displayed below. Victory Company uses weighted average process costing...
The following information applies to the questions displayed below. Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 805,000 units of product to finished goods. At the end of November, the work in process inventory consists of 205,000 units that are 60% complete with respect to conversion. Beginning inventory had $525,200 of direct...
Need Help with Cost Reconciliation Exercise 9 - Your Co. uses process costing to account for...
Need Help with Cost Reconciliation
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Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to
account for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 700,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 180,000 units that are 30%
complete with respect to conversion. Beginning inventory had
$420,000 of direct materials and $139,000 of conversion cost. The
direct material cost...
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company...
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1lt transferred in 5839,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $150.200. The entry to account for the cost of goods sold in October is (8 02:05 Multiple Choice o Debit Cost of Goods Sold $39.000, cred Fished Goods Invemory $339,000 o Debit Cost of Goods...
[The following information applies to the questions displayed below.) Victory Company uses weighted average process costing...
[The following information applies to the questions displayed below.) Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 810,000 units of product to finished goods. At the end of November, the work in process inventory consists of 193,000 units that are 60% complete with respect to conversion Beginning inventory had $391,170 of direct...
The Lakeside Company uses a welghted-average process costing system. The following data are available: -- 23,800...
The Lakeside Company uses a welghted-average process costing system. The following data are available: -- 23,800 17,800 Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs 6,000 $59,130 $61,110 Total cost of the 17,800 units finished is: Multiple Choice $109,060. $107,080. $120,272. $100,584
Victory Company uses weighted average process costing to account for its production costs. Conversion cost is...
Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 705,000 units of product to finished goods. At the end of November, the work in process inventory consists of 204,000 units that are 50% complete with respect to conversion. Beginning inventory had $354,510 of direct materials and $201,750 of conversion cost. The direct material...
ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly • $37,000 of labor related to product finishing, and $24,000 of labor for the assembly and finishing supervisors' salaries. The journal entries to record the labor costs for ABC Company would include: . Multiple Choice a debit to Work in Process for $125,000 and a debit to Factory Overhead for $24,000. a debit to Work in Process for $149,000. a debit to Work in Process...
Help Save & Exit Submit Check my work Exercise 16-3 Terminology in process costing LO C1, A1 Select each of the items with the best description of its purpose. Items Work in process inventory accounts Description 1. Hold production costs until products are transferred from production to finished goods (or another department) 2. Standardizes partially completed units into equivalent completed units 3. Holds costs of finished products until sold to customers 4. Describes the activity and output of a production...
Review the information in the table below. What is the journal entry needed to record the overhead allocation for the period? Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transferred to finished goods Cost of goods sold Credit sales $ 102,000 $ 175,000 1588 $ 447,000 $ 459,000 $ 960,000 Multiple Choice $175,000 Work in Process Cash $175.000 $276.500 Factory Overhead Cash $275,500 < Prev 2 of 13 III Next > MacBook Pro Chapter...
The following information applies to the questions displayed below. Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 805,000 units of product to finished goods. At the end of November, the work in process inventory consists of 205,000 units that are 60% complete with respect to conversion. Beginning inventory had $525,200 of direct...
Need Help with Cost Reconciliation
Exercise 9 - Your Co. uses process costing to account for production costs. Direct labor is added evenly throughout the process and direct materials is added at the beginning of the process. During June, the assembly department transferred 210 units to finished goods. Beginning WIP inventory was 20 units with $100 direct materials and $200 direct labor. Ending WIP inventory consists of 40 units that are 60% complete with respect to labor. $1000 direct materials...
Victory Company uses weighted-average process costing to
account for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 700,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 180,000 units that are 30%
complete with respect to conversion. Beginning inventory had
$420,000 of direct materials and $139,000 of conversion cost. The
direct material cost...
Exam 2 Help Save & Exit Submit Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1lt transferred in 5839,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $150.200. The entry to account for the cost of goods sold in October is (8 02:05 Multiple Choice o Debit Cost of Goods Sold $39.000, cred Fished Goods Invemory $339,000 o Debit Cost of Goods...
[The following information applies to the questions displayed below.) Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 810,000 units of product to finished goods. At the end of November, the work in process inventory consists of 193,000 units that are 60% complete with respect to conversion Beginning inventory had $391,170 of direct...
The Lakeside Company uses a welghted-average process costing system. The following data are available: -- 23,800 17,800 Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs 6,000 $59,130 $61,110 Total cost of the 17,800 units finished is: Multiple Choice $109,060. $107,080. $120,272. $100,584
Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 705,000 units of product to finished goods. At the end of November, the work in process inventory consists of 204,000 units that are 50% complete with respect to conversion. Beginning inventory had $354,510 of direct materials and $201,750 of conversion cost. The direct material...
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