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Question 42 of 50 Which of the following is the correct journal entry to record direct materials put into production? Finished Goods Inventory XX Work in Process Inventory XX Raw Materials Inventory XX Work in Process Inventory XX Work in Process Inventory XX Raw Materials Inventory XX Work in Process Inventory XX Finished Goods Inventory XX

DOCUMENT FLOWCHARTPrepare a flowchart that illustrates the sequence in which the followingsource documents are prepared.a. Bill of materialsb. Sales forecastc. Materials requisitiond. More tickete. Production schedulef. Route sheetg. Work orde

1. DOCUMENT FLOWCHART Prepare a flowchart that illustrates the sequence in which the following source documents are prepared. a. Bill of materials b. Work order c. Sales forecast d. Materials requisition e. Move ticket f. Production schedule g. Route sheet

What is the beginning inventory of direct materials

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Chapter 20, Question 2. Part 1. Attached are possible answers for second part.

Which one of the following inventory management approaches determines the finished goods inventory level and then works backward until the raw material needs are determined? A. Just-in-time B. Extended EOQ C. Materials requirements planning D. Economic order quantity

14. 5.4 Why does each department have its own work in process inventory?

Question#5  Match the items in the two columns below by entering the appropriate code letter in the space provided.A. Managerial accounting              F. Work in process inventoryB. Financial accounting                  G. Direct materialsC. Planning                                            H. Manufacturing overheadD. Directing                                           I. Period costsE. Controlling                                       J. Value chain1. The cost of products that are partially complete.2. The function of keeping activities in accordance with plans. 3. Primarily concerned with internal users and reports pertain to subunits of the entity.4. Materials that can be physically and directly associated with manufacturing a product. 5. The function of setting goals and objectives.6. Indirect costs of manufacturing a product.7. Primarily concerned with external users and reports pertain to the entity as a whole.8. Costs that are noninventoriable.9. All business processes…

Chapter 4 Pg. 318 Facility, Product, Batch and Unit Levels. Would you please explain and give examples for the different levels found in Activity Based Accounting.  Also what would utitilies  for the facility fall under?  Which of the 4 categories

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a.  Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received   Issued   Balance ReceivingReportNumber Quantity UnitPrice   MaterialsRequisitionNumber Quantity Amount   Date Quantity Unitprice Amount                 May 1 220 $5 $1,100 24 150 $7           May 4 fill in the blank  fill in the blank fill in the blank                   fill in the blank  fill in the blank fill in the blank         100 250 fill in the blank   May 10 fill in the blank fill in the blank fill in the blank 30 100 9           May 21 fill in the blank  fill in the blank fill in the blank                   fill in the blank  fill in the blank fill in the blank         113 150 fill in the blank   May 27 fill in the blank fill in the blank fill in the blank   Question Content Area b.…

Cost of materials issuances under the FIFO methodAn incomplete subsidiary ledger of materials inventory for May is asfollow: a. Complete the materials issuances and balances for the materialssubsidiary ledger under FIFO.h. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid inmaintaining inventory quantities on hand.

Required information[The following information applies to the questions displayedbelow.]We discuss how to prepare the process costing production reportusing the weighted-average method. In addition, we discuss that aproduction report is a summary of what occurs in the productionprocess, and includes information about the number of physicalunits, number of equivalent units, cost per equivalent unit, and areconciliation of the cost of Work in Process Inventory.     Knowledge Check 01Paula's Fab Tee Company, which prints T-shirts, has three processingdepartments (printing, labeling, and packaging). The total cost per equivalentunit was $17.80 for the printing department, $0.80 for the labeling department,and $0.40 for the packaging department. The total cost of the 1,450 units thatwere transferred out of the Work in Process Inventory (Packaging) account tothe Finished Goods Inventory account was:

Annan’s statement regarding the perpetual and periodic inventory systems is most significant when which of the following costing systems is used?A. LIFO.B. FIFO.C. Specific identification

Which of the following statements is true?     Direct costs are allocated to cost objects using a predetermined overhead rate.     Period costs are allocated to inventory in order to determine the amount to be reported on the balance sheet.     Indirect costs are allocated to cost objects using a predetermined overhead rate.     Indirect costs are traced to costs objects based on the cost object identified on the purchase and requisition orders.

An incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.

e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?

Under a standard cost system, when recording the use of direct materials in the production process, the debit to Work-in-Process Inventory is A. actual quantity times actual cost per unit of direct materials B. actual quantity times standard cost per unit of direct materials C. standard quantity for actual production times actual cost per unit of direct materials D. standard quantity for actual production times standard cost per unit of direct materials

9. What journal entry is required to move materials between departments?

Cost of materials issuances under the FIFO methodAn incomplete subsidiary ledger of materials inventory for May is as follows:   A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.B. Determine the materials inventory balance at the end of May.C. Journalize the summary entry to transfer materials to work in process.D. Explain how the materials ledger might be- used as an aid in maintaining inventory quantities on hand.

What does the Work-in-process inventory consist of?