Homework Answers
Answer
--Correct Answer = Option 'B' WIP account is credited by the amount of "Cost of Goods manufactured"
>WIP is debited by direct material and labor cost and manufacturing overhead applied.
>Cost of overhead applied is credited in Overhead
account.
>Cost of Goods SOld is credited in Finished goods inventory
Add Answer to:
15) A credit to the work in process account represents the: 15) A) cost of overhead...
Included in the Vanes Company’s Work in Process t-account is a credit for $250,000. This $250,000...
Included in the Vanes Company’s Work in Process t-account is a credit for $250,000. This $250,000 represents which of the following: a. the cost of goods completed and transferred to finished goods. b. the cost of goods sold to customers. c. raw materials put into production. d. the amount of manufacturing overhead applied to production
Included in the Vanes Company’s Cost of Goods Sold t-account is a credit for $25,000. This...
Included in the Vanes Company’s Cost of Goods Sold t-account is a credit for $25,000. This $25,000 represents which of the following: a. an adjustment to cost of goods sold for manufacturing overhead over-applied during the period. b. the cost of finished goods sold to a customer. c. the cost of goods completed and transferred in from work in process. d. an adjustment to cost of goods sold for manufacturing overhead under-applied during the period.
15 Campbell Manufacturing started in 2018 with the following account balances: Cash $5,700 5,120 6, 000 2,200 Common stock Retained earnings Raw materials inventory Work in process inventory Finished...
15 Campbell Manufacturing started in 2018 with the following account balances: Cash $5,700 5,120 6, 000 2,200 Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (400 units $5.90 each) 860 2,360 Transactions during 2018 1. Purchased $2,890 of raw materials with cash. 2. Transferred $3,770 of raw materials to the production department. 3. Incurred and paid cash for 180 hours of direct labor$15.20 per hour 4. Applied overhead costs to the Work in Process...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process Finished Goods Cost of Goods Sold Factory Overhead (over-applied) Amount of Factory Overhead Applied in 2018 $400,000 300,000 500,000 36,000 600,000 Required: a. Give the journal entry to record the factory overhead applied. b. What was the actual overhead for the year? c. Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold....
QUESTION 7 Cost of Goods Manufactured (COGM, although the book refers to it as CGM) represents...
QUESTION 7 Cost of Goods Manufactured (COGM, although the book refers to it as CGM) represents _______________________. A. Total prime costs B. Total product cost when goods are finished and moved to finished goods inventory. C. Total product cost when sold D. Total amount of overhead applied QUESTION 8 In following the flow of Product Costs, once completed the product costs go to Finished Goods Inventory. The Journal Entry reflects a debit to Finished Goods and a credit to ________________....
Use the following information to complete a schedule of cost of goods manufactured and a cost...
Use the following information to complete a schedule of cost of goods manufactured and a cost of goods sold schedule: Given Info Beginning $8,000 $16,000 $40,000 Ending $13,000 $21,000 $60,000 Raw Materials Inv. Work in Process Inv. Finished Good Inv. Purchase of Raw Materials Direct Labor Manufacturing Overhead Applied $100,000 $80,000 $110,000 Calculate Direct Materials: Direct Materials Calculation Costs Raw Materials, Beginning $ +Raw Materials Purchased $ =Raw Materials Available GA -Raw Materials, Ending $ =Direct Materials $ Calculate Total...
In a job-order casting system, indirect lahor cost is usually recorded as a A) Manufacturing Overhead...
In a job-order casting system, indirect lahor cost is usually recorded as a A) Manufacturing Overhead B) Finished Goods C) Work in Process D) Cost of Goods Sold najob-order costing system, manufacturing overhead applied is recorded as a con A) Raw Materials B) Finished Goods Inventory C) Work in Process Inventory D) Cost of Goods Sold 33.) The journal entry to record applying overhead during the production process is: Manufacturing Overhead Work In Process XXX Finished Goods Manufacturing Overhead OCX...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 If underspplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Select one: a. $1,440,000 b. S 640,000 c. S 960,000 d. $1,040,000 If operations run on less than...
15 Campbell Manufacturing started in 2018 with the following account balances: Cash $5,700 5,120 6, 000 2,200 Common stock Retained earnings Raw materials inventory Work in process inventory Finished goods inventory (400 units $5.90 each) 860 2,360 Transactions during 2018 1. Purchased $2,890 of raw materials with cash. 2. Transferred $3,770 of raw materials to the production department. 3. Incurred and paid cash for 180 hours of direct labor$15.20 per hour 4. Applied overhead costs to the Work in Process...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Ivey Incorporated had the following selected account balances at the end of 2019: Work in Process Finished Goods Cost of Goods Sold Factory Overhead (over-applied) Amount of Factory Overhead Applied in 2018 $400,000 300,000 500,000 36,000 600,000 Required: a. Give the journal entry to record the factory overhead applied. b. What was the actual overhead for the year? c. Give the journal entry to dispose of the Factory Overhead balance assuming it is written off to Cost of Goods Sold....
Use the following information to complete a schedule of cost of goods manufactured and a cost of goods sold schedule: Given Info Beginning $8,000 $16,000 $40,000 Ending $13,000 $21,000 $60,000 Raw Materials Inv. Work in Process Inv. Finished Good Inv. Purchase of Raw Materials Direct Labor Manufacturing Overhead Applied $100,000 $80,000 $110,000 Calculate Direct Materials: Direct Materials Calculation Costs Raw Materials, Beginning $ +Raw Materials Purchased $ =Raw Materials Available GA -Raw Materials, Ending $ =Direct Materials $ Calculate Total...
In a job-order casting system, indirect lahor cost is usually recorded as a A) Manufacturing Overhead B) Finished Goods C) Work in Process D) Cost of Goods Sold najob-order costing system, manufacturing overhead applied is recorded as a con A) Raw Materials B) Finished Goods Inventory C) Work in Process Inventory D) Cost of Goods Sold 33.) The journal entry to record applying overhead during the production process is: Manufacturing Overhead Work In Process XXX Finished Goods Manufacturing Overhead OCX...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 If underspplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Select one: a. $1,440,000 b. S 640,000 c. S 960,000 d. $1,040,000 If operations run on less than...
Most questions answered within 3 hours.
-
Using MATLAB to plot the trajectory of a projectile:
Consider a cannon launching a cannonball at...
asked 4 minutes ago -
Explain, why even though there are thousands of types of natural
pollinator, honeybees are exceptionally important...
asked 15 minutes ago -
In java please Create an immutable class named Card implementing
the Comparable interface that will represent...
asked 19 minutes ago -
how
much sulfur dioxide SO2 can be produced by the combustion of 21
tons of sulfur...
asked 20 minutes ago -
A. Suppose Company A is selling notebooks in California, and the
demand function for the notebooks...
asked 35 minutes ago -
in C++, please help. Not only do we need to create an ADT but
create a...
asked 45 minutes ago -
This question is based on react js. Please don't do it if you
don't have thorough...
asked 50 minutes ago -
(CO E) A zombie computer is one that can result in
a denial of service attack...
asked 58 minutes ago -
A company manufactures in a foreign country and sells only to US
customers so that revenue...
asked 56 minutes ago -
(a) A 25.0mL of a unknwon concentration of HBr solution is
titrated with 0.100M NaOH solution....
asked 1 hour ago -
1) Your research team has discovered a new single-celled
organism in the San Francisco Bay. By...
asked 1 hour ago -
3.
a) For the molecule 16O18O,
write an equation for the probability that the rotational quantum...
asked 1 hour ago