All-of the following will appear in the Cost of Goods Manufactured Report EXCEPT: O Work In Process Inventory, Beginning Balance O Raw Materials Inventory, Beginning Balance O Work in Process Inventory, Ending Balance O Finished Goods Inventory, Ending Balance

All-of the following will appear in the Cost of Goods Manufactured Report EXCEPT: O Work In Process Inventory, Beginning Balance O Raw Materials Inventory, Beginning Balance O Work in Process Inventory, Ending Balance O Finished Goods Inventory, Ending Balance

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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Question

All.of the following will appear in the Cost of Goods Manufactured Report EXCEPT:
O Work In Process Inventory, Beginning Balance
O Raw Materials Inventory, Beginning Balance
O Work in Process Inventory, Ending Balance
O Finished Goods Inventory Ending Balance

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Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 6,000 units, 25% completed Direct materials, 141,000 units @ $2.1 Direct labor 15,300 To Finished Goods, 138,000 units 296,100 194,700 75,765 ? Factory overhead Bal. 2 units, 65% completed Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount box does not require an entry, leave it blank. Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Fquivalent
direct labor costs are debited to work in process inventory true false
All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process Inventory, Beginning Balance O. Finished Goods Inventory, Ending Balance Cost of Goods Manufactured O Finished Goods Inventory, Beginning Balance
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Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured $ (1) 105,200 84,200 200,200 $ (2) 150,200 $ 22,200 $ 138,200 (3) 217,200 32,200 $ 237,200
Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.