A-1 Altima, Inc. finished Job A40 on the last working day of the year. It utilized $300 of direct materials and $2,650 of direct labor. Altima uses a predetermined overhead allocation ratebased on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve aO A. debit to Finished Goods Inventory $4,010 and a credit to Work-in - Process Inventory $4,010OB. debit to Finished Goods Inventory $4,010 and a credit to Materials Inventory $4,010O C. debit to Work-in - Process Inventory $4,010 and a credit to Finished Goods Inventory $4,010O D. debit to Cost of Goods Sold $4,010 and a credit to Finished Goods Inventory $4,010

Name: A-1 Altima, Inc. finished Job A40 on the last working day of the year.
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Description: A-1 Altima, Inc. finished Job A40 on the last working day of the year. It utilized $300 of direct materials and $2,650 of direct labor. Altima uses a predetermined overhead allocation ratebased on direct labor costs, which has been fixed at 40%. The

The formula used to calculate the cost of goods completed is :Cost of Goods completed = Direct…

Business

Accounting

Altima, Inc. finished Job A40 on the last working day of the year. It utilized $300 of direct materials and $2,650 of direct labor. Altima uses a predetermined overhead allocation rate based on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a H OA. debit to Finished Goods Inventory $4,010 and a credit to Work-in-Process Inventory $4,010 O B. debit to Finished Goods Inventory $4,010 and a credit to Materials Inventory $4,010 OC. debit to Work - in - Process Inventory $4,010 and a credit to Finished Goods Inventory $4,010 O D. debit to Cost of Goods Sold $4,010 and a credit to Finished Goods Inventory $4,010

Altima, Inc. finished Job A40 on the last working day of the year. It utilized $300 of direct materials and $2,650 of direct labor. Altima uses a predetermined overhead allocation rate based on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a H OA. debit to Finished Goods Inventory $4,010 and a credit to Work-in-Process Inventory $4,010 O B. debit to Finished Goods Inventory $4,010 and a credit to Materials Inventory $4,010 OC. debit to Work - in - Process Inventory $4,010 and a credit to Finished Goods Inventory $4,010 O D. debit to Cost of Goods Sold $4,010 and a credit to Finished Goods Inventory $4,010

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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A-1

Altima, Inc. finished Job A40 on the last working day of the year. It utilized $300 of direct materials and $2,650 of direct labor. Altima uses a predetermined overhead allocation rate
based on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a
O A. debit to Finished Goods Inventory $4,010 and a credit to Work-in - Process Inventory $4,010
OB. debit to Finished Goods Inventory $4,010 and a credit to Materials Inventory $4,010
O C. debit to Work-in - Process Inventory $4,010 and a credit to Finished Goods Inventory $4,010
O D. debit to Cost of Goods Sold $4,010 and a credit to Finished Goods Inventory $4,010

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