-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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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.
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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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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
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
Required information Use the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below.] A process manufacturer reports the following: Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Total Units 150,000 310,000 340,000 120,000 Conversion Percent Complete 80% QS 16-5 (Static) Weighted average: Computing equivalent units of production LO P1 25% Compute the total equivalent units of production for conversion. The company uses the weighted average method. Units Equivalent units of production: Weighted average method Conversion Percent Complete EUP
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Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $ ? $50,000 Direct materials: Beginning inventory $10,000 $? Direct materials purchases 45,000 $? Direct materials: Ending inventory 15,000 17,000 Direct labor used in production $? 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in process: Beginning inventory 17,000 14,000 Work in process: Ending inventory 14,000 19,000 Finished goods: Beginning inventory 8,000 7,000 Finished goods: Ending inventory 7,000 11,000 Cost of goods sold 169,000 $?

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