Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please help me

Click, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $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 icon to view the data on the cameras.) Read the requirement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits. Exclude explanations from any journal entries) Begin by recording the purchase and use of direct materials Journal Entry Date JE T Record the conversion costs Date JE 2 Accounts Journal Entry Accounts Debit Debit Credit Credit
Transcribed Image Text:Click, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $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 icon to view the data on the cameras.) Read the requirement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits. Exclude explanations from any journal entries) Begin by recording the purchase and use of direct materials Journal Entry Date JE T Record the conversion costs Date JE 2 Accounts Journal Entry Accounts Debit Debit Credit Credit
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost classification
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS