Homework Answers
The Answer is Choice B - " Dr Finished Goods Inventory $2,110, Cr Work In Process Inventory $2,110 "
JOURNAL ENTRIES IN THE BOOKS OF CALTRAN INC.
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Finished Goods Inventory A/c |
$2,110 |
||
|
Work-in-Process Inventory A/c |
$2,110 |
||
|
{ Being the entry passed to record the total cost of completed Job 445 } |
|||
Cost of Job 445
= Direct materials + Direct labor + Manufacturing overhead allocated
= $340 + 1210 + 560
= $$2,110
Add Answer to:
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A) Work In Process Inventory Balance at December 31,
2020
B) Finished goods inventory balance at December 31,
2020.
C) gross profit reported in Betty DeRose's income
statement for 2020.
At January 1, 2020, Betty DeRose, Inc. reported work in process totaling $18,670. This balance was made up of three jobs having the following costs: Job #171 $4,390 Job #236 $6,370 Job #412 $7,910 total cost at Jan. 1, 2020 ..... During 2020, Betty DeRose reported the following...
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Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
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