c. Prepare journal entries to record the transfer of allcompleted units to Finished Goods Inventory and thesubsequent sale of 8,400 units on account at $54 each(assume no beginning finished goods inventory).General JournalDescriptionTo record completion ofunitsTo record sale ofunitsTo record cost ofunits<▶Debit Variances, Entries, and Income StatementA summary of Martindale Company's manufacturingvariance report for May follows:Direct materialDirect laborVariable overheadFixed overheadTotal StandardCosts (9,200units)$38,640193,20022,0809,660$263,580ActualCosts(9,200units)Variances$41,760 $3,120 U191,7601,440 F23,230 1,150 U9,660$266,410 $2,830 UStandard materials cost per unit of product is 0.5pounds at $8.40 per pound, and standard direct laborcost is 1.5 hours at $14.00 per hour. The total actualmaterials cost represents 4,800 pounds purchased at$8.70 per pound. Total actual labor cost represents14,100 hours at $13.60 per hour. According tostandards, variable overhead rate is applied at $1.60 perdirect labor hour (based on a normal capacity of 15,000direct labor hours or 10,000 units of product). Assumethat all fixed overhead is applied to work-in-progressinventory.

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory and the subsequent sale of 8,400 units on account at $54 each (assume no beginning finished goods inventory). General Journal Description To record completion ofunits To record sale ofunits To record cost ofunits <▶ ¶ A Debit

c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory and the subsequent sale of 8,400 units on account at $54 each (assume no beginning finished goods inventory). General Journal Description To record completion ofunits To record sale ofunits To record cost ofunits <▶ ¶ A Debit

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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Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
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1. Work in process inventory, ending 2. Cost of Goods Sold
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Answer the following questions by analysing the T-accounts given below.
prepare a costs of good schedule
Units in beginning WIP Inventory completed this period Units Started and completed this period Units in ending WIP Inventory Total units accounted for Total equivalent units of work done this period Costs in beginning WIP Inventory (from last period) Costs added to WIP Inventory this period Total costs to account for Total cost of units completed $ Step 3: Account for costs Total number of units completed Physical Units What is The Skysong Company's total cost units completed? Actual unit cost for units completed $ 1,500 15,100 How many total units did the company complete this period? Total cost per equivalent unit this period $ The actual cost for the units completed this period is 500 17,100 Total Costs The Skysong Company uses the FIFO method of process costing. $1,155 26,895 $28,050 % Added This Period DM 100% 100% $755 0% 8.580 $9,335 DM Equivalent Units Equiv. Units 15,100 500 15,600 Conversion Costs $400 What was the actual per-unit cost for those units completed? (Round answer…
Answer the following questions by analysing the T-accounts given below.
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