-21 Three alternatives of backlash costing: Babylon Industries recordedthe following transactions for May 2020 of operations:1Materials inventory controlAccounts payable24,00024,000To record purchase of direct material19X9 90to2Conversion costs control40,000adaultosVarious accountsabd 40,000 inTo record incurrence of conversion costs3Work in process inventory control64,000Materials inventory control24,000muojConversion costs control40,000To assign material and conversion costs toproduction4Finished goods inventory control64,000Work in process inventory control64,000To record completion of products6Cost of goods sold62,000Finished goods inventory control62,000To record cost of goods sold7Accounts Receivable116,000Sales116,000To record sale of productsRequired: Prepare the journal entries using the three alternatives ofbackflush costing.

I examined the supplied transactions and created journal entries suitable for the just-in-time…

Answered: - 21 Three alternatives of backlash…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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QUESTIONS A. Compute for the ending Finished Goods Inventory under Absorption costing B. Compute for the Ending Finished Goods Inventory under Variable Costing method
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P10-5 Perth Amboy Corporation manufactures white board in a two-department processes. The Assembly Department uses weighted average costing and the stage of completion of overhead is unrelated to labor. The Finishing Department uses FIFO costing. Materials are added to the final units from Assembly and overhead is applied on the basis of direct labor. The cost accountant gathered the following data for the two departments during the month of October 2015: Assembly Department Units Beginning WIP inventory (100% complete for direct materials, 30% complete for direct labor and 40% complete for overhead) Units started in October 1,200 7,000 1,000 Ending WIP inventory (100% complete for direct materials, 60% complete for direct labor and 70% complete for overhead) OH Total DL P12,700 P10,300 80,000 P92,700 P80,300 P279,500 DM Costs Beginning WIP inventory Current period Total costs P34,500 P11,500 95,000 P106,500 70,000 245,000 Finishing Department Units 2,000 Beginning WIP inventory (100%…
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
What is the unit cost of inventory transferred out from Department B? P10.20 P12.70 P 6.10 P11.10 What is the unit cost of inventory transferred out from Department C? P18.41 P18.31 P18.82 P18.38
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signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator Production data show 35,820 units were transferred out of a stage of production and 6,200 units remained in ending WIP inventory that was 100% complete to material and 40% complete to conversion. The unit material cost is $5 for material and $7 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory? Transferred out $ 429,840 Ending inventory $ 48,360 Previous Email Instructor Submit Test for Grading All work saved. 5:39 PM 3. 10/2/2020 中ツ

keAssignmentSession Locator=&inprogress=false 1 = 0 From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. Oa. $681,120 Ob. $683,125 Oc. $262,350 Od. $233,920 Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $6,192,000 and materials costs were $25 per unit. Planned production included 5,760 hours to produce 18,000 motor drives. Actual production for August was 1,980 units, and motor drives shipped amounted to 1,300 units. Conversion costs are applied based on units of production Previous Update Next
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keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Print Item Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard %3D Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,100 ladders in July and used 9,200 pounds of material to make these units. Sitka Industries bought 15,600 pounds of material in the curr period. There was a $300 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,600 pounds? Amount paid B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. What if 9,800 pounds were used to make these…
A firm uses backflush costing and values inventory using throughput accounting. All actual amounts are equal to budgeted amounts. Total DM $360,000 Total DL $140,000 Total OH $70,000 Total completed and in process 20,000 units Units sold 19,480 Units in process 100 $500 of raw materials are still in the warehouse at the end of the period. Which journal entry appropriately backflushes costs to inventory accounts? Group of answer choices Debit: Finished Goods $7,560 Debit: WIP $1,800 Debit: RM $500 Credit: COGS $9,860 Debit: COGS $9,860 Credit: Finished Goods $7,560 Credit: RIP $2,300 Debit: COGS $9,860 Credit: Finished Goods $7,560 Credit: WIP $1,800 Credit: RM $500 Debit: Finished Goods $7,560 Debit: RIP $2,300 Credit: COGS $9,860

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