A materials requisition slip showed that direct materials requested were $56000 and indirect materials requested were $12000 The entry to record the transfer of materials from the storeroom is O Direct Materials 56000 Indirect Materials 12000 Work in Process 68000 Inventory O Work In Process Inventory 56000 Manufacturing Overhead 12000 Raw Materials 68000 Inventory

A materials requisition slip showed that direct materials requested were $56000 and indirect materials requested were $12000 The entry to record the transfer of materials from the storeroom is O Direct Materials 56000 Indirect Materials 12000 Work in Process 68000 Inventory O Work In Process Inventory 56000 Manufacturing Overhead 12000 Raw Materials 68000 Inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Raw materials requisitioned by production for job No.106 consist of Direct Materials $7,000 and Indirect Materials $1,000. The entry to record this transaction is: * A debit to Work in Process $7,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $8,000 A debit to Work in Process $6,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $7,000 A debit to Work in Process $7,000, a credit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $6,000 O None of the above
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.
Question 1
Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory Cost per equivalent unit 2,190 $ 13.96 870 $ 4.63 A total of 21,900 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (Round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out Prev 2 of 4 Next > o search 2 Desktop
Clear my choice During November at ABC Company, OMR83,000 of raw materials were requisitioned from the storeroom and used in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR4,000. The journal entry to record the material requisition from the storeroom would include a: Select one: O a. Debit to raw materials of OMR73,000 O b. Debit to work in process of OMR68,000 O c. Credit to work in process of OMR68,000 d. Credit to manufacturing overhead of OMR5,000 X e. None of the answers given, P Debit to manufacturing overhead of OMR68,000 Total manufacturing cests assigned to job YZ IS OMR950 The phnduce
Answer the following questions by analysing the T-accounts given below.
Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show: Materials used $1,600 Overhead applied 400 Cost of goods manufactured 7,700 $fill in the blank 1
A manufacturer completed the production of goods costing $350,000 and transferred them to finished goods. The journal entry to record the transfer of units from the Shaping department to Finished Goods Inventory includes a: Multiple Choice Debit to Work in Process Inventory- Shaping for $350,000. Credit to Work in Process Inventory- Shaping for $350,000. Credit to Finished Goods Inventory for $350,000. Debit to Raw Materials Inventory for $350,000. Credit to Raw Materials Inventory for $350,000.
Answer the following questions by analysing the T-accounts given below.
Sandhill Company has the following record of costs. Balance May 1 Materials Labor Overhead Transfer out Balance May 31 (a) Raw Materials Inventory MANUFACTURING COSTS -$5,700 Work in process, May 31 Save for Later eTextbook and Media Factory Labor How many units are in process at May 31? -$2,710 Manufacturing Overhead -$1,280 WORK IN PROCESS units Painting $3,790 5,700 2,710 1,280 Production records show that there were 600 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,440 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. -? $? FINISHED GOODS INVENTORY ? Attempts: 0 of 3 used Submit Answer
Begin with the Work-in-Process———- Cutting T- acount, then complete each of the remaining T-accounts (Abbreviations used: COGS= Cost of Goods Sold, FG = Finished Goods, WIP = Work in-Process)