Homework Answers
Option B
.
Process costing is a costing system where the output is passed through multiple production processes before getting ready for consumption. Examples of users are soap manufacturers, cookie making etc.
Finished goods inventory is debited (where the units go to)
Work in Process Inventory, Final dept is credited (where they come from)
| GENERAL JOURNAL | DEBIT | CREDIT |
| Finished goods inventory | xxx | |
| Work in Process Inventory - Final dept | xxx |
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Knowledge Check 01 When the production process is complete in process costing, the completed goods and...
Knowledge Check 01 The cost of beginning work in process inventory plus the costs added to...
Knowledge Check 01 The cost of beginning work in process inventory plus the costs added to production during the period equals the _______. cost of ending work in process inventory cost of units transferred out total cost to be accounted for cost of units started during the period Knowledge Check 02 A company has three processing departments: Mixing, Baking, and Packaging. The Baking Department transfers 500 units to the Packaging Department. How will the Packaging Department account for the costs...
Finished Goods and Cost of Goods Sold Before the completed production for August is recorded, the...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
1. Which of the following statements is true? A. A process costing system will have a...
1. Which of the following statements is true? A. A process costing system will have a single work in process account B. A process costing system will have a separate raw materials account for each of the major processes. C. A process costing system will have a separate work in process account for each of the major processes 2. The journal entry to record the actual Manufacturing Overhead incurred includes A. a debit to Manufacturing Overhead B. a debit to...
Record the following process costing transactions in the general joumal: (Click the icon to view the...
Record the following process costing transactions in the general joumal: (Click the icon to view the transactions.) a. Record the purchase of raw materials on account, $9,800. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Date More info b. ACDOU Payable Accumulated Depreciation Plant Cash Finished Goods Inventory Manufacturing Overhead Prepaid Insurance Plant Property Taxes Payable Plant Raw Materials Inwentory Ulities Payable Wages Payable Work in Process Inventory Assembly Work in Process...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $839,000. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Finished Goods Inventory $839,000; credit Work in Process Inventory $839,000. Debit Finished Goods Inventory $160,200; credit Cost of Goods Sold $160,200. Debit Cost...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $854,000. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished...
Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $89,000 on January 1. The...
Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $89,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $467,000 throughout the year. If a review of the accounting records determined that $122,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes: a debit to Finished-Goods Inventory for $122,000. a credit to Finished-Goods Inventory for $434,000. a credit...
Required information 6 Part 2 of 2 Knowledge Check 01 The journal entry to acquire materials...
Required information 6 Part 2 of 2 Knowledge Check 01 The journal entry to acquire materials on credit for factory use includes which two of the following? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as...
I have most of section A completed. This is all the information that is available for...
I have most of section A completed.
This is all the information that is available for this
problem.
Two Departments, Journal Entries with Supporting Calculations-Weighted Average Method Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments. Patterson uses the weighted average method for process costing. January 1, 2019, inventory...
Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $138,000...
Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $138,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $533,000 throughout the year. If a review of the accounting records determined that $144,000 of goods were still in production at year-end, Harrington should make a journal entry on December 31 that includes: Multiple Choice a debit to Cost of Goods Sold for $527,000. a credit to Finished-Goods...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
Record the following process costing transactions in the general joumal: (Click the icon to view the transactions.) a. Record the purchase of raw materials on account, $9,800. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Date More info b. ACDOU Payable Accumulated Depreciation Plant Cash Finished Goods Inventory Manufacturing Overhead Prepaid Insurance Plant Property Taxes Payable Plant Raw Materials Inwentory Ulities Payable Wages Payable Work in Process Inventory Assembly Work in Process...
11. Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $854,000. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished...
Required information 6 Part 2 of 2 Knowledge Check 01 The journal entry to acquire materials on credit for factory use includes which two of the following? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as...
I have most of section A completed.
This is all the information that is available for this
problem.
Two Departments, Journal Entries with Supporting Calculations-Weighted Average Method Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments. Patterson uses the weighted average method for process costing. January 1, 2019, inventory...
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