2. Calculate the ending balances of:a. Materials Inventoryb. Work-in-Process Inventoryc. Overhead Controld. Finished Goods Inventory0000tAAAA Journal Entries, T-AccountsLincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred:a. Materials were purchased on account for $45,760.b. Materials totaling $40,880 were requisitioned for use in producing various jobs.c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour.d. Actual overhead of $8,860 was incurred and paid in cash.e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour.f. Completed jobs costing $59,000 were transferred to Finished Goods.g. Jobs costing $58,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs.Beginning balances as of May 1 were:Materials InventoryWork-in-Process InventoryFinished Goods InventoryRequired:$1,3003,4002,6401 more notification1. Prepare the journal entries for the preceding events.

1. Journal Entries in the books of LINCOIN BROTHERS COMPANY for the Preceding Events: a) Materials…

Answered: 2. Calculate the ending balances of: a.…

2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory 1000 A +A

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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The equivalent of finished goods inventory for a merchandising firm is referred to as a) inventory. b) raw materials inventory. c) purchases. d) cost of goods purchased.
Products that have been completed and are ready for sale at the end of the accounting period are known as a.work in process. b.finished goods. c.cost of goods sold. d.materials.
Cost of Goods Sold that are NOT part of Goods Available for Sale are included in A. Work-in-Process Inventory beginning balance B. Work-in Process Inventory ending balance C. Direct Labor D. Finished Goods Inventory ending balance Given the following data, what is the cost of goods manufactured? Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work-in-Process Inventory Ending Work-in-Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Manufacturing Overhead Direct Labor Raw Materials used in production A. $125,000 B. $141,000 12:03 C. $146,000 D. $151,000 $6,000 9,000 12,000 17,000 3,000 5,000 21,000 30,000 95,000 12:03
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Direct labor and direct materials are a. period costs and expensed when the goods are sold b. product costs and expensed when incurred c. period costs and expensed when incurred d. product costs and expensed when the goods are sold
A. Prepare journal entries to record the transactions. B. Prepare T-accounts to show the flow of costs during the period from Materials inventory through Cost of Goods sold.
10. A transfer of indirect materials, such as nails and screws, into production include a credit to which account? O finished goods inventory Owork-in-process inventory manufacturing overhead Oraw materials inventory
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Q3) As production takes place, all manufacturing costs are debited to the: A. work in process inventory account.B. manufacturing overhead account.C. cost of goods sold account.D. finished goods account.