What does the following journal indicate? DR: Finished Goods CR: WIP Group of answer choices...
What does the following journal indicate?
DR: Finished Goods
CR: WIP
Group of answer choices
Products were finished and transferred to finished goods
Product was sold
Goods were found to be defective and sent back to WIP from Finshed Goods
WIP has an ending inventory
Homework Answers
Answer: 1st option
Products were finished and transfref to finished goods account.
When a product is in working stage at this point all the expenses are added to know the value and what are the costs incurred for the wip will be added and transfred to finished goods
It's like purchase debiting the goods received and crediting the vendor here we don't have vendor it's Wip credited
Other answers explanation why they were wrong :
In the case of sales inventory value decreases so here finished goods debited the entry is wrong
When goods are sent back entry would be
Wip account a/c Dr
Finished goods
Here finished goods shall reduce.
Ending inventory doesn't have any journal entry.
Add Answer to:
What does the following journal indicate?
DR: Finished Goods
CR: WIP
Group of answer choices...
What does the following journal entry indicate? DR: Factory Overhead CR: Rent Expense Group of...
What does the following journal entry indicate? DR: Factory Overhead CR: Rent Expense Group of answer choices Rent expense was added to FOH Rent expense was applied to WIP Rent expense was subtracted from FOH Rent was refunded by the landlord
Blossom Company has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following...
Blossom Company has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP Inventory Transferred-in costs in beginning WIP Inventory Direct materials costs in beginning WIP Inventory Conversion costs in beginning WIP Inventory Units transferred-in Transferred-in costs Units completed Costs added materials Costs added: conversion Ending WIP Inventory (50% complete for materials and 40% complete for conversion) 9,000 units $ 98,000 25,600 $23,750 47,000 units $645,000...
Prepare the journal entries for the following situations a. Purchased $100,000 of material b. Transferred $50,000...
Prepare the journal entries for the following situations a. Purchased $100,000 of material b. Transferred $50,000 of material to WIP-Sewing c. Labor cost of $100,000 were incurred ($40,000 – Cutting, $50,000 – Sewing, $10,000 – Indirect Labor) d. Allocate overhead to the Sewing department (10% of Direct Labor Cost) e. Transferred $80,000 from WIP - Cutting to WIP – Sewing f. Transferred $20,000 from WIP - Sewing to Finished Goods Inventory g. Sold $30,000 worth of Inventory for $50,000
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment...
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513)...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
I have a similar assignment (Compute the cost of goods transferred from production to finished goods,...
I have a similar assignment (Compute the cost of goods transferred from production to finished goods, and compute the cost of goods sold). What would be my first step and then next, next ect. The course is Managerial Accounting Jordan Company's inventory records indicate the following information: Jordan Company Inventories (as of May 31) Inventory Beginning Inventory ($) Ending Inventory ($) Raw materials 72,000 110,000 Goods in process 156,000 250,000 Finished goods 160,000 198,000 Production activities for May (in $)...
The first image is the original question, the following images are the answer choices given for...
The first image is the original question, the following images
are the answer choices given for each box
Question 3 1 pts Apple, Inc. offers a 1 year warranty on its Apple products. In 2018 Apple estimated $3.8b in warranty claims for phones they sold in 2018. During 2019 Apple incurred $3.7b expenses to satisfy warranty claims. What journal entry does Apple record at the end of 2018? [Select] What journal entry does Apple record in 2019? [Select] Question 3...
Frost Company produces cupcakes in large batches. Three departments are involved in the production process --...
Frost Company produces cupcakes in large batches. Three departments are involved in the production process -- Mixing, Baking, and Packaging. Frost uses a process costing system. If products with a cost of $10,000 are transferred from the Mixing Department to the Baking Department for further processing, which of the following journal entries is needed to record this transaction? Group of answer choices Finished Inventory - Mixing 10,000 Finished Inventory - Baking 10,000 WIP Inventory - Baking 10,000 WIP Inventory...
1 33. Which of the following is not a reason that managers allocate overhead costs to...
1
33. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. 34. Using a process costing system, the journal entry to record the cost of completed goods when sold includes: a. a...
Compute the costs of products transferred from production to finished goods and cost of goods sold...
Compute the costs of products transferred from production to
finished goods and cost of goods sold
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for its processing departments The following information is available regarding its May inventories Beginning Ending Raw materials inventory Work in process inventory Finished goods inventory Inventory Inventory S 65,000 $ 87,0e9 427,500531,ee 612,000 551,0ee The folowing additional Information describes the company's production actvities for May Raw materials purchases...
Blossom Company has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP Inventory Transferred-in costs in beginning WIP Inventory Direct materials costs in beginning WIP Inventory Conversion costs in beginning WIP Inventory Units transferred-in Transferred-in costs Units completed Costs added materials Costs added: conversion Ending WIP Inventory (50% complete for materials and 40% complete for conversion) 9,000 units $ 98,000 25,600 $23,750 47,000 units $645,000...
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513)...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
The first image is the original question, the following images
are the answer choices given for each box
Question 3 1 pts Apple, Inc. offers a 1 year warranty on its Apple products. In 2018 Apple estimated $3.8b in warranty claims for phones they sold in 2018. During 2019 Apple incurred $3.7b expenses to satisfy warranty claims. What journal entry does Apple record at the end of 2018? [Select] What journal entry does Apple record in 2019? [Select] Question 3...
1
33. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. 34. Using a process costing system, the journal entry to record the cost of completed goods when sold includes: a. a...
Compute the costs of products transferred from production to
finished goods and cost of goods sold
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for its processing departments The following information is available regarding its May inventories Beginning Ending Raw materials inventory Work in process inventory Finished goods inventory Inventory Inventory S 65,000 $ 87,0e9 427,500531,ee 612,000 551,0ee The folowing additional Information describes the company's production actvities for May Raw materials purchases...
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