record the transfer of costs from the finishing department to the finished goods inventory for 2020 (i.e., provide the journal entry with debits/increases and credits/decreases in the accounts, etc.). manufacturing cost informationBlendingFinishingBeginning work in process1/1/201200800Costs transferred inN/A2????|Costs incurred in 2020 forthis dept64005000|Ending work in12/31/20process8001800

Given 2 Departments, Blending ~ Finishing Cost incurred in Blending Department which shall be…

Answered: DoSt ntormation Blending Finishing…

DoSt ntormation Blending Finishing Beginning work in process 1/1/20 1200 800 Costs transferred in N/A ????? Costs incurred in 2020 for this dept Ending work in process 12/31/20 6400 5000 1800 800

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

record the transfer of costs from the finishing department to the finished goods inventory for 2020 (i.e., provide the journal entry with debits/increases and credits/decreases in the accounts, etc.).

manufacturing cost information
Blending
Finishing
Beginning work in process
1/1/20
1200
800
Costs transferred in
N/A
2????
|Costs incurred in 2020 for
this dept
6400
5000
|Ending work in
12/31/20
process
800
1800

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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