Homework Answers
1) Journal entry
| No | General Journal | Debit | Credit |
| work in process | 88000 | ||
| Factory overhead | 61000 | ||
| Wages payable | 149000 | ||
So answer is c) a debit to work in process $88000 and a debit to factory overhead $61000
2) Ending work in process inventory = (2+3.55)*24000 = 133200
So answer is c) $133200
3) Journal entry
| No | General Journal | Debit | Credit |
| Work in process | 97000 | ||
| Direct material | 97000 | ||
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ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly •...
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...
Wilturner Company incurs $77,000 of labor related directly to the product in the Assembly Department, and...
Wilturner Company incurs $77,000 of labor related directly to the product in the Assembly Department, and $26,000 of labor related to the Assembly Department as a whole, and $13,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are: Multiple Choice $77,000 and $39,000. $103,000 and $13,000. $90,000 and $26,000.
Weber Company purchases $50,100 of raw materials on account, and it incurs $61,000 of factory labor...
Weber Company purchases $50,100 of raw materials on account, and
it incurs $61,000 of factory labor costs. Supporting records show
that (a) the Assembly Department used $24,100 of raw materials and
$36,000 of the factory labor, and (b) the Finishing Department used
the remainder. Manufacturing overhead is assigned to departments on
the basis of 160% of labor costs.
Journalize the assignment of overhead to the Assembly and Finishing
Departments.
2) Goode Company has the following production data for selected
months....
View previous attempt Wilturner Company Incurs $86,000 of labor related directly to the product in the...
View previous attempt Wilturner Company Incurs $86,000 of labor related directly to the product in the Assembly Department, and $35,000 of labor related to the Assembly Department as a whole, and $22,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are: Multiple Choice $86,000 and $57,роо, o $121,000 and $22,000. o О $108,000 and $35,000. o О $143,000 and $0. o ( $86,000 and $22,000....
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 9,000 units, 40% completed 72,360 To Finished Goods, 41,500 units ? Direct materials, 40,000 units @ $6.80 272,000 Direct labor 80,000 Factory overhead 40,450 Bal., ? units, 30% completed ? Determine the following: a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 1,600 units, 35% completed 17,440 To Finished Goods, 29,600 units ? Direct materials, 29,000 units @ $9.50 275,500 Direct labor 84,600 Factory overhead 39,258 Bal. ? units, 45% completed ? Determine the following: a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 9,000 units, 40% completed 72,360 To Finished Goods, 41,500 units ? Direct materials, 40,000 units @ $6.80 272,000 Direct labor 80,000 Factory overhead 40,450 Bal., ? units, 30% completed ? Determine the following: a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Departme...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in pro production. Work in Process-Assembly Department Bal., 6,000 units, 55% completed Direct materials, 141,000 units $1.3 Direct labor Factory overhead Bal, 2 units, 40% completed 19,350 183,300 To Finished Goods, 138,000 units 378,400 147,140 Determine the following a. The number of units in work in process inventory at the...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 9,000 units, 40% completed 72,360 To Finished Goods, 41,500 units Direct materials, 40,000 units @ $6.80 272,000 Direct labor 80,000 Factory overhead 40,450 Bal., ? units, 30% completed Determine the following: a. The number of units in work...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 4,000 units, 50% completed 14,600 To Finished Goods, 92,000 units ? Direct materials, 94,000 units @ $1.90 178,600 Direct labor 257,700 Factory overhead 100,260 Bal. ? units, 70% completed ? Determine the following: a. The number of units...
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...
Wilturner Company incurs $77,000 of labor related directly to the product in the Assembly Department, and $26,000 of labor related to the Assembly Department as a whole, and $13,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are: Multiple Choice $77,000 and $39,000. $103,000 and $13,000. $90,000 and $26,000.
Weber Company purchases $50,100 of raw materials on account, and
it incurs $61,000 of factory labor costs. Supporting records show
that (a) the Assembly Department used $24,100 of raw materials and
$36,000 of the factory labor, and (b) the Finishing Department used
the remainder. Manufacturing overhead is assigned to departments on
the basis of 160% of labor costs.
Journalize the assignment of overhead to the Assembly and Finishing
Departments.
2) Goode Company has the following production data for selected
months....
View previous attempt Wilturner Company Incurs $86,000 of labor related directly to the product in the Assembly Department, and $35,000 of labor related to the Assembly Department as a whole, and $22,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are: Multiple Choice $86,000 and $57,роо, o $121,000 and $22,000. o О $108,000 and $35,000. o О $143,000 and $0. o ( $86,000 and $22,000....
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in pro production. Work in Process-Assembly Department Bal., 6,000 units, 55% completed Direct materials, 141,000 units $1.3 Direct labor Factory overhead Bal, 2 units, 40% completed 19,350 183,300 To Finished Goods, 138,000 units 378,400 147,140 Determine the following a. The number of units in work in process inventory at the...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 9,000 units, 40% completed 72,360 To Finished Goods, 41,500 units Direct materials, 40,000 units @ $6.80 272,000 Direct labor 80,000 Factory overhead 40,450 Bal., ? units, 30% completed Determine the following: a. The number of units in work...
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