Homework Answers
The journal entry to transfer costs from assembly department to packaging department would be:
WIP Inventory - Packaging xxxx
To WIP Inventory - Assembly xxxx
Reason: The cost when transferred should be debited to receiving department and credited from Transferring department.
So the answer is Option D.
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10 of 10 (8 Complete This Question: 1 pt The joumal entry a company would make...
The jounal entry a company would make under process costing to record the transfer of costs...
The jounal entry a company would make under process costing to record the transfer of costs from the Assembly Department to the Packaging Department would be O A. WIP Inventory - Assembly О B. WIP Inventory-Packaging c- wMP Inventory-Packaging CGS WIP Inventory - Assembly Finished Goods Inventory WIP Inventory Assembly O D. Finished Goods Inventory
The journal entry a company would make under process costing to record allocated manufacturing overhead incurred...
The journal entry a company would make under process costing to record allocated manufacturing overhead incurred in the Assembly Department would be xxx O A. WIP Inventory - Assembly Accounts Payable OB. Finished Goods Inventory xxx Xxx OC. WIP Inventory - Assembly xxx Manufacturing Overhead OD. Manufacturing Overhead Xxx Finished Goods Inventory xxx
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...
Question 1 parts ABC A company manufactures mirrors. Last month's costs were: Direct materials $90,000 Direct...
Question 1 parts ABC A company manufactures mirrors. Last month's costs were: Direct materials $90,000 Direct labor 140,000 Manufacturing Overhead 164,000 What were the conversion costs for the month? A.$230,000 B.$304,000 C.$90,000 D.$394,000 The journal entry a company would make under process costing to transfer direct materials into the Assembly Department would be A.Finished Goods Inventory XXX Work in Process Inventory−Assembly XXX B.Work in Process Inventory - Assembly XXX Raw Materials Inventory XXX C.Finished Goods Inventory XXX Raw Materials Inventory ...
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
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...
for 4. Berrian Company manufactures car seats in its Data for the assembly department for October...
for 4. Berrian Company manufactures car seats in its Data for the assembly department for October Miami plant. Each car seat passes through the 2017 are as follows: assembly department and the testing 2 (Click the icon to view the assembly department. This problem focuses on the department data.) assembly department. $(Click the icon to view the total costs to (Click the icon to view information about account for.) Berrian Company's process-costing system.) 4(Click the icon to view the total...
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 9,000 units Transferredminus−in costs in beginning WIP Inventory $ 95 comma 000$95,000 Direct materials costs in beginning WIP Inventory $25,600 Conversion costs in beginning WIP Inventory $23,750 Units transferredminus−in 47,000 units Transferredminus−in costs $ 650 comma 000$650,000 Units Completed 43,000 Costs added: materials $155,040 Costs added: conversion $230,710 Ending WIP Inventory 13,000...
Question 3 Universal S.E. A Ltd (USea") uses process costing and FIFO (First-In-First-Out) cost flow systems....
Question 3 Universal S.E. A Ltd (USea") uses process costing and FIFO (First-In-First-Out) cost flow systems. Products are processed sequentially in department G and department R before transfer to the finished goods warehouse. Given below is cost information for department for the month of July 2015: $69.000 $358,450 Work in process (WIP), 1 July 2015 Cost of units transferred in from department G during July Manufacturing costs added in department K during July Direct materials used Conversion costs Total manufacturing...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment started the month with 6,000 units in its beginning work in process inventory that Were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect...
The jounal entry a company would make under process costing to record the transfer of costs from the Assembly Department to the Packaging Department would be O A. WIP Inventory - Assembly О B. WIP Inventory-Packaging c- wMP Inventory-Packaging CGS WIP Inventory - Assembly Finished Goods Inventory WIP Inventory Assembly O D. Finished Goods Inventory
The journal entry a company would make under process costing to record allocated manufacturing overhead incurred in the Assembly Department would be xxx O A. WIP Inventory - Assembly Accounts Payable OB. Finished Goods Inventory xxx Xxx OC. WIP Inventory - Assembly xxx Manufacturing Overhead OD. Manufacturing Overhead Xxx Finished Goods Inventory xxx
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...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
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...
for 4. Berrian Company manufactures car seats in its Data for the assembly department for October Miami plant. Each car seat passes through the 2017 are as follows: assembly department and the testing 2 (Click the icon to view the assembly department. This problem focuses on the department data.) assembly department. $(Click the icon to view the total costs to (Click the icon to view information about account for.) Berrian Company's process-costing system.) 4(Click the icon to view the total...
Question 3 Universal S.E. A Ltd (USea") uses process costing and FIFO (First-In-First-Out) cost flow systems. Products are processed sequentially in department G and department R before transfer to the finished goods warehouse. Given below is cost information for department for the month of July 2015: $69.000 $358,450 Work in process (WIP), 1 July 2015 Cost of units transferred in from department G during July Manufacturing costs added in department K during July Direct materials used Conversion costs Total manufacturing...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment started the month with 6,000 units in its beginning work in process inventory that Were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect...
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