Debits to Work in Process Inventory are accompanied by a credit to all but which one...
Debits to Work in Process Inventory are accompanied by a credit to all but which one of the following accounts?
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Raw Materials Inventory |
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Factory Labor |
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Manufacturing Overhead |
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Cost of Goods Sold |
Homework Answers
Answer: cost of goods sold
Debits to work in process inventory raw material, factory labor, Manufacturing overhead
Credit to work in process inventory cost of goods sold
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Debits to Work in Process Inventory are accompanied by a credit
to all but which one...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Work in process inventory balance Case Inc. is a construction company specializing in custom patios. The...
Work in process inventory balance
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on June 1 are as follows. ob Cost Sheets Customer Job Cost Element...
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...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Ra maials Work in process Finished goods $17,000 $19,000 9,000 14,000 11,000 8,000 $37,000 $41,000 In addition, the following transactions occurred in 2017: . Raw materials purchased on account, $75,000 2. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
1 Compute ending work in process inventory for a manufacturer with the following information. 12.5 points...
1 Compute ending work in process inventory for a manufacturer with the following information. 12.5 points Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $139,800 82,600 58,000 109,000 28,800 228,400 eBook References Ending Work in Process Inventory is Computed as: Total manufacturing costs Total cost of work in process Work in process inventory, end of year Compute ending work in process inventory for a manufacturer...
Direct materials costs to Work in Process Inventory. Direct labor costs to Work in Process Inventory....
Direct materials costs to Work in Process Inventory.
Direct labor costs to Work in Process Inventory.
Overhead costs to Work in Process Inventory.
Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the...
What is the correct finished goods inventory and cost of goods sold when the jobs are...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Work in process inventory balance
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on June 1 are as follows. ob Cost Sheets Customer Job Cost Element...
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...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Ra maials Work in process Finished goods $17,000 $19,000 9,000 14,000 11,000 8,000 $37,000 $41,000 In addition, the following transactions occurred in 2017: . Raw materials purchased on account, $75,000 2. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
1 Compute ending work in process inventory for a manufacturer with the following information. 12.5 points Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $139,800 82,600 58,000 109,000 28,800 228,400 eBook References Ending Work in Process Inventory is Computed as: Total manufacturing costs Total cost of work in process Work in process inventory, end of year Compute ending work in process inventory for a manufacturer...
Direct materials costs to Work in Process Inventory.
Direct labor costs to Work in Process Inventory.
Overhead costs to Work in Process Inventory.
Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
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