Dazzle, Incorporated produces beads for jewelry making use. The following information summarizes production operations and sales activities for June.The journal entry to record June sales isDirect materials usedDirect labor usedPredetermined overhead rate (based on direct labor)Goods transferred to finished goodsCost of goods soldCredit salesMutiple ChoiceODebit Accounts Receivable $831,600 credit Cost of Goods Sold $831,600.$ 74,000136,100Debit Cost of Goods Sold $455.000; credt Sales $456,000125%444,000456,000831,600Debit Accounts Receivable $831600; credit Sales $375,600, credit Finished Goods Inventory $456,000Debit Finished Goods Inventory $456.000; debit Sales $831,600: credit Accounts Receivable $831600, credit Cost of Goods Solid$456,000

Name: Dazzle, Incorporated produces beads for jewelry making use. The follo
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Description: Dazzle, Incorporated produces beads for jewelry making use. The following information summarizes production operations and sales activities for June.The journal entry to record June sales isDirect materials usedDirect labor usedPredetermined overhea

The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

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Dazzie, Incorporated produces beads for jewelry making use. The following information summarizes production operations and sales activities for June The journal entry to record June sales is Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transferred to finished goods Cost of goods sold Credit sales Multiple Choice Debit Accounts Receivable $831600, credit Cost of Goods Sold $831,600. $ 74,000 136,100 Debit Cost of Goods Sold $456.000 credt Sales $455.000 125% 444,000 456,000 831,600 Debt Accounts Receivable $631,600; credit Sales $375,600, credit Finished Goods inventory $456,000 Debit Finished Goods Inventory $456.000 debit Sales $831,600: credit Accounts Receivable $831600 credit Cost of Goods Sold $456.000

Dazzie, Incorporated produces beads for jewelry making use. The following information summarizes production operations and sales activities for June The journal entry to record June sales is Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transferred to finished goods Cost of goods sold Credit sales Multiple Choice Debit Accounts Receivable $831600, credit Cost of Goods Sold $831,600. $ 74,000 136,100 Debit Cost of Goods Sold $456.000 credt Sales $455.000 125% 444,000 456,000 831,600 Debt Accounts Receivable $631,600; credit Sales $375,600, credit Finished Goods inventory $456,000 Debit Finished Goods Inventory $456.000 debit Sales $831,600: credit Accounts Receivable $831600 credit Cost of Goods Sold $456.000

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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On September 30, 2012, Cullumber Company issued 10% bonds with a par value of $460,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after September 30, 2017. Because Cullumber Company was able to obtain financing at lower rates, it decided to call the entire issue on September 30, 2018, and to issue new bonds. New 9% bonds were sold in the amount of $780,000 at 102; they mature in 20 years. Cullumber Company uses straight-line amortization. Interest payment dates are March 31 and September 30.
The following T-accounts represent September activity for Kelly Tools: Work-in-Process Inventory Materials Inventory Debit Credit Debit Credit Beginning Ending Balance 24,900 Balance 42,400 (9/1) (9/30) Direct 120,800 Labor Cost of Goods Sold Debit Credit Manufacturing Overhead Applied Credit Debit Finished Goods Inventory Debit Credit Ending Balance 70,500 (9/30) Manufacturing Overhead Control Credit Debit 132,510 Wages Payable Sales Revenue Debit Credit Debit Credit 528,500 . Additional Data •Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. Materials of $82,100 were purchased during the month, and the balance in the Materials Inventory account increased by $8,500 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $23,900 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account…
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The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
Problems:
Cost of Goods Sold, Cost of Goods Manifactured Glenville Company has the following information for April; Cost of direct materials used in production $41,000 Direct labor 55,000 Factory overhead 30, 000 Work in process inventory, April 1, 25,000 Work in process inventory, April 30, 41, 000 Finished goods mventory, April 1, 21,000 Finished goods inventory, Apnt 30, 17, 000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement of Cost of Goods Manufactured Total manufacturing costs incurred in April Total manufacturing costs
A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule.
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During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold manufactured goods with a cost of $72,000. Which of the following journal entries would be correct?" Multiple Choice debit to Work in Process of $66,000 and a credit to Finished Goods of $66,000. debit to Finished Goods of $72,000 and a credit to Sales of $72,000. debit to Finished Goods of $72,000 and a credit to Cost of Goods Sold of $72,000. debit to Finished Goods of $66,000 and a credit to Work in Process of $66,000.
Instructions: (a) Prepare the cost of goods manufactured schedule. (b) Compute the cost of goods sold.
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