16. LO 5.5 The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manufacturing overhead, and $150 od direct labor is which of the following? А. Work in Process Inventory Accounts Payable 500 500 (When added to the process) В. Work in Process Inventory Materials Inventory Wages Payable Manufacturing Overhead 500 300 150 50 (As incurred or applied) С. Cost of Goods Sold 500 Work in Process Inventory 500 (When transferred) D. Accounts Payable Work in Process Inventory 500 500 (When added to the process)

16. LO 5.5 The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manufacturing overhead, and $150 od direct labor is which of the following? А. Work in Process Inventory Accounts Payable 500 500 (When added to the process) В. Work in Process Inventory Materials Inventory Wages Payable Manufacturing Overhead 500 300 150 50 (As incurred or applied) С. Cost of Goods Sold 500 Work in Process Inventory 500 (When transferred) D. Accounts Payable Work in Process Inventory 500 500 (When added to the process)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. 90,000 80,000 ? Work in process - Adhesion Dept. 2 70,000 Cost Transf. 480,000 Beg. ? Beg. DM Trans. In ? DL DM 22,600 FO DL |Ending 17,000 FO ? Ending 20,600 Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? ? Finished Goods 185,000 Cost of sales 770,000 Beg. Beg. CoGmf 880,000 DM DL Fo Ending 90,000 Ending 40,000
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
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Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…
E3.3 (LO 2, 3, 4), AP The ledger of American Company has the following work in process inventory account. Work in Process-Painting 5/1 5/31 5/31 5/31 5/31 Balance Direct materials Direct labor Manufacturing overhead Balance 3,590 5/31 Completed and transferred out ? 5,160 Instructions a. How many units are in process at May 31? b. What is the unit materials cost for May? 2,530 1,380 P Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started into production, and 1,700 units completed and transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. c. What is the unit conversion cost for May? d. What is the total cost of units completed and transferred out in May? e. What is the cost of…
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PAS. LO 5.3 Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs, Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct materilal Direct labor $ 10,000 19,000 50,000 75,000 37,248 $191,248 5,000 20,000 19,000 Beginning work in process Units started into production Transferred out Applied overhead Total costs to account for