11:58 P Ete46* ll 95% iBased on the above, the entry to record thetransfer of goods from the Mixingdepartment consists of: *A Debit to WIP Mixing $150,000 and aCredit to WIP Packaging $150,000A Debit to WIP Packaging $150,000 and aCredit to WIP Mixing $150,000A Debit to WIP Mixing $150,000 and aCredit to Finished Goods $150,000None of the aboveBased on the above, the entry to record thetransfer of goods from the Packagingdepartment consists of: *A Debit to WIP Packaging $194,000 and aCredit to Finished Goods $194,000A Debit to WIP Mixing $194,000 and aCredit to WIP Packaging $194,000A Credit to WIP Packaging $194,000 and aDebit to Finished Goods $194,000None of the above 46* l 95% i4G+11:58 PX Company manufactures cakes in two departments: Mixing and Packaging. The company usesa process cost accounting system. All materials are entered at the beginning of each process.During April 2020, the following transactions were completed:Assigned raw materials of $70,000 and $30,000 to Work in Process Mixing and Packagingrespectively.Factory labor costs of $40,000 and $20,000 were assigned to Work in Process Mixing andPackaging respectively.The company applied manufacturing overhead on the basis of $16 per machine hour.Machine hours used were 3,000 in Mixing and 1,000 in Packaging.During April, the company transferred units costing $150,000 from Mixing to Packaging.In addition, it trans ferred units costing $194,000 from Packaging to Finished Goods.Based on the above, the entry prepared toassign raw materials to work in processesconsisted of: *A Debit to WIP Mixing $70,000, a Debit toWIP Packaging $30,000, and a Credit toAccounts Payable $100,000A Debit to WIP Mixing $70,000, a credit toWIP Packaging $30,000, and a Credit toRaw Material Inventory $40,000A Debit to WIP Mixing $70,000, a Debit toWIP Packaging $30,000, and a Credit toRaw Material Inventory $100,000None of the above

Work-in-progress is the asset of the firm where goods are under process, manufacturing process of…

Based on the above, the entry to record the transfer of goods from the Mixing department consists of: * A Debit to WIP Mixing $150,000 and a Credit to WIP Packaging $150,000 A Debit to WIP Packaging $150,000 and a Credit to WIP Mixing $150,000 A Debit to WIP Mixing $150,000 and a Credit to Finished Goods $150,000 None of the above Based on the above, the entry to record the transfer of goods from the Packaging department consists of: * A Debit to WIP Packaging $194,000 and a Credit to Finished Goods $194,000 A Debit to WIP Mixing $194,000 and a Credit to WIP Packaging $194,000 A Credit to WIP Packaging $194,000 and a Debit to Finished Goods $194,000 None of the above

Based on the above, the entry to record the transfer of goods from the Mixing department consists of: * A Debit to WIP Mixing $150,000 and a Credit to WIP Packaging $150,000 A Debit to WIP Packaging $150,000 and a Credit to WIP Mixing $150,000 A Debit to WIP Mixing $150,000 and a Credit to Finished Goods $150,000 None of the above Based on the above, the entry to record the transfer of goods from the Packaging department consists of: * A Debit to WIP Packaging $194,000 and a Credit to Finished Goods $194,000 A Debit to WIP Mixing $194,000 and a Credit to WIP Packaging $194,000 A Credit to WIP Packaging $194,000 and a Debit to Finished Goods $194,000 None of the above

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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How do i compute cost of goods manufactured for this one? Please explain me step by step as i am getting confused on the finished good inventory here. Materials used in product $123,900 Advertising expense $49,200 Depreciation on plant 65,100 Property taxes on plant 15,000 Property taxes on store 7,290 Delivery expense 24,600 Labor costs of assembly-line workers 119,700 Sales commissions 43,100 Factory supplies used 31,700 Salaries paid to sales clerks 54,100 Work in process inventory was $12,000 at January 1 and $16,600 at December 31. Finished goods inventory was $68,500 at January 1 and $47,900 at December 31.
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Spartans Inc has the following transactions: Work in Process Finished Goods Cost of Goods Sold Beg. $30,200 Beg $26,500 Beg $0 +DM +DL $9,300 +Trans In. $63,400 +Sold $49,600 $15,500 -Sold $49,600 Unadjust $49,600 + MOH $42,500 End $40,300 -Trans Out $63,400 End $34,100 MOH Control $42,500 Applied Actual $25,750 (a) Based on the t-accounts, the amount of overhead that was mis- allocated was $16,500 (difference between applied and actual). This amount will be Credited to Manufacturing Overhead Control. (b) Use the Proration Method to allocate the $16,500 among the following accounts: Work in Process will be Debited $4,606 by Finished Goods will be Debited by $5,444 Cost of Goods Sold will be Debited $6,700 by