Click, Inc is a manufacturer of digital cameras. It has two departments: assembly and testing in January 2017, the company incumed $850,000 on direct materials and $820,000 on conversion costs, for a total manufacturing cost of $1,670,000. During February 20,000 cameras are placed into production, but only 18,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 2,000 cameras. However, on average, these remaining 2,000 cameras are only 75% complete as to conversion costs (Click the view the data on the cameras) Read the mourement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits Exclude explanations from any joumal entries) Begin by recording the purchase and use of direct materials Journal Entry Accounts Date 21 Date XI Journal Entry Accounts Debit Debit Credit Credit

Click, Inc is a manufacturer of digital cameras. It has two departments: assembly and testing in January 2017, the company incumed $850,000 on direct materials and $820,000 on conversion costs, for a total manufacturing cost of $1,670,000. During February 20,000 cameras are placed into production, but only 18,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 2,000 cameras. However, on average, these remaining 2,000 cameras are only 75% complete as to conversion costs (Click the view the data on the cameras) Read the mourement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits Exclude explanations from any joumal entries) Begin by recording the purchase and use of direct materials Journal Entry Accounts Date 21 Date XI Journal Entry Accounts Debit Debit Credit Credit

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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