AVC Company has finished 200 units with a total standard direct materials costs of $11,000 and total standard conversion costs of $3,500. Under a just-in-time costing system, journal entry that is recorded for the 200 completed units moved to Finished Goods Inventory is OA. Finished Goods Inventory Raw and In-Process Inventory Conversion Costs OB. Finished Goods Inventory Conversion Costs Accumulated Deprecation OC. Finished Goods Inventory Cash O D. Conversion Costs Accounts Payable Accumulated Depreciation 14,500 14,500 14,500 14,500 11,000 3,500 11,000 3,500 14,500 11,000 3,500

AVC Company has finished 200 units with a total standard direct materials costs of $11,000 and total standard conversion costs of $3,500. Under a just-in-time costing system, journal entry that is recorded for the 200 completed units moved to Finished Goods Inventory is OA. Finished Goods Inventory Raw and In-Process Inventory Conversion Costs OB. Finished Goods Inventory Conversion Costs Accumulated Deprecation OC. Finished Goods Inventory Cash O D. Conversion Costs Accounts Payable Accumulated Depreciation 14,500 14,500 14,500 14,500 11,000 3,500 11,000 3,500 14,500 11,000 3,500

Name: AVC Company has finished 200 units with a total standard direct mater
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: AVC Company has finished 200 units with a total standard direct materials costs of $11,000 and total standard conversion costs of $3,500. Under a just-in-time costing system, thejournal entry that is recorded for the 200 completed units moved to Fin

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

The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.70 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Direct Materials Conversion Inventory in process, beginning of period 3,160 Started and completed during the period 51,950 51,950 Transferred out of Bottling (completed) 51,950 55,110 00 57,810 Inventory in process, end of period 099 Total units to be assigned costs The beginning work in process inventory had a cost of $3,950. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending items Previous ( XƏN へ nere to search 9:44 PM 53°F Cloudy (中岁 12/6/2021 a. SU delete 144 ZA pause alt alt ctrl USE YOL
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.50 and $0.20, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Bottling (completed) Inventory in process, end of period Total units to be assigned costs Direct Materials 52,120 0 52,120 3,010 55,130 LA LA Conversion The beginning work in process inventory had a cost of $3,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending 3,110 52,120 55,230 2,700 57,930
A process manufacturer that uses the weighted-average method reports the following. Beginning work in process inventory Units completed and transferred out Ending work in process inventory Equivalent units of production for conversion are: Multiple Choice O 125,200. Units 38,000 108,000 43,000 Conversion Percent Complete 80% 40%
. . Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5) . The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
Vipul k Teng uses the FIFO method of Process Costing. The following amounts were provided:
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $0.55 and $2.55, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 4,100 Started and completed during October 59,000 59,000 Transferred out of Rolling (completed) 59,000 63,100 Inventory in process, October 31 7,000 3,500 Total units to be assigned costs 66,000 66,600 The beginning work in process inventory on October 1 had a cost of $2,500. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department
Baron Corporation has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information Conversion costs are applied evenly throughout the process. Beginning WIP Inventory Transferred-in costs in beginning WIP Inventory Direct materials cost in beginning WIP Inventory Conversion costs in beginning WIP Inventory Units transferred-in Transferred-in costs Units completed Costs added: direct materials Costs added: conversion costs Ending WIP Inventory (40% complete for materials and 30% complete for conversion) The total cost of units in ending WIP Inventory-Shaping would be closest to A. $54,720. OB. $341,400. OC. $54,728. to $235,000 9,000 units $113,200 $29.500 $22,750 56,000 units $541,300 47,000 $171,120 $249,570 18,000 units
Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials. Conversion costs $5,000 5,200 Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62 $29,600 149,800 At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method.
Solve it
Provide Correct answer
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.