AccountingThe following information concernsproduction in the Forging Department forJune. All direct materials are placed into theprocess at the beginning of production, andconversion costs are incurred evenlythroughout the process. The beginninginventory consists of $18,000 of directmaterials. DateACCOUNT Work in Process-ForgingACCOUNT NO.DepartmentItemJune Bal., 1,8001 units, 60%completed30 Directmaterials,25,800units30 Directlabor30 Factoryoverhead30 Goodstransferred,? units30 Bal., 2,800units, 70%completedDebit Credit Balance BalanceDebit Credit21,132247,68043,30033,740?268,812312,112345,852??

Name: AccountingThe following information concernsproduction in the Forging
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Description: AccountingThe following information concernsproduction in the Forging Department forJune. All direct materials are placed into theprocess at the beginning of production, andconversion costs are incurred evenlythroughout the process. The beginninginv

The question is based on the concept of cost accounting.7

Answered: Date Department Item June Bal., 1,800 1…

Business

Accounting

Date Department Item June Bal., 1,800 1 units, 60% completed 30 Direct materials. -Forging ACCOUNT NO. Debit Credit Balance Balar Debit Crec 21,132 247,680 268,812

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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Sarasota Company has the following production data for January End. Work in Process Inventory Beg. Work in Units Started % Complete as to Process Inv into Production Units -0- FL180 1,240 Conversion Cost 3084 Compute the physical units for January. Beginning work in process inventory Started into production Total units to be accounted for Completed and transferred out Ending work in process inventory Total units accounted for
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