A company that uses a job order costing system would make the following entry to record the flow of direct matterials Into productior Multiple Cholce Debit Factory Overhead, credit Raw Materials Inventory. Debit Work in Process Inventory, credit Raw Materials Inventory. Debit Work in Process Inventory, credit Cost of Goods Sold. Debit Finished Goods Inventory, credit Raw Materials Inventory. Debit Work in Process Inventory, credit Factory Overhead.

A company that uses a job order costing system would make the following entry to record the flow of direct matterials Into productior Multiple Cholce Debit Factory Overhead, credit Raw Materials Inventory. Debit Work in Process Inventory, credit Raw Materials Inventory. Debit Work in Process Inventory, credit Cost of Goods Sold. Debit Finished Goods Inventory, credit Raw Materials Inventory. Debit Work in Process Inventory, credit Factory Overhead.

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 Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning WIP 4,500 Direct materials 47,100 Direct labor 29,600 Applied overhead 15,800 To finished goods ? Ending WIP 8,900 The cost of jobs transferred to finished goods is:
In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a a.
1. How does job order cost system differ from process costing? 2. Name and describe three major source documents used in job-costing system? 3. Identify the main difference between journal entries in process costing and job costing? 4. How does cost accounting function assist in the management of the business? 5. Name the three element of cost and explain
Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. b. a. Materials purchased on account b. C. C. d. e. f. 9. h. i. j. Prepaid expenses incurred on account Materials requisitioned: For production orders For general factory use Factory labor used: If an amount box does not require an entry, leave it blank. On production orders For general factory purposes Depreciation on factory equipment Expiration of prepaid expenses, chargeable to factory Factory overhead costs incurred on account Factory overhead applied, based on machine hours Jobs finished Jobs shipped to customers: Cost Selling price (assume all sold on account) J $176,000 12,200 153,700 2,700 141,300 12,000 37,000 6,100 76,000 105,300 415,300 412,000 638,000
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What is the journal entry to apply overhead into production in a job order cost accounting system. Group of answer choices debit work in process, credit factory overhead debit finished goods, credit factory overhead debit factory overhead, credit finished goods debit factory overhead, credit work in process
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…
Identify each item as job order costing or process costing. Job/Process One Work-in-Porcess Inventory account. Production cost reports Cost accumulated by process Job cost sheets Manufactures homogenous products Multiple Work-in-Porcess Inventory accounts. Costs transferred at the end of the period Manufactures batches of unique products or provides specialized services.
In the Excel, or spreadsheet, approach to recording financial transactions, the Manufacturing Overhead account is used to record two things-all actual overhead expenses and the amount of manufacturing overhead applied to production using the predetermined overhead rate. True or False True False
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The entry to record the purchase of raw materials on account using a job costing system would include a credit to Work-in-Process Inventory account. debit to Accounts Payable account. debit to Work-in-Process Inventory account. debit to Raw Materials Inventory account.
The entry to record the application of Factory Overhead to Jobs in a Job Order Cost system would be: ODR: Factory Overhead CR: Work In Process DR: Finished Goods CR: Factory Overhead DR: Work In Process CR: Factory Overhead DR: Factory Overhead CR: Finished Goods