During November at ABC Company, OMR83,000 of raw materials were requisitioned from thestoreroom and used in production. These raw materials included both direct and indirectmaterials. The indirect materials totaled OMR4,000. The journal entry to record the materialrequisition from the storeroom would include a:Select one:O a. Debit to work in process of OMR68,000O b. Debit to raw materials of OMR73,000Oc Credit to manufacturing overhead of OMR5,000O d. Credit to work in process of OMR68,000O e. None of the answers givenO f. Debit to manufacturing overhead of OMR68,000

Work in process are the company’s partially finished goods which are yet to be completed. The…

Answered: During November at ABC Company,…

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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During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The direct materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: O a. debit to Raw Materials of OMR 85,000 O b. debit to Work in Process of OMR 85,000 O c. debit to Work in Process of OMR 78,000 O d. debit to Manufacturing Overhead of OMR 78,000 e. None of the given answer is correct NEXT PAGE
Journalize the following transactions: March 10: 400 units of raw materials were purchased on account at $6.00 per unit.March 15: 300 units of raw materials were requisitioned at $6.50 per unit for production, Job 872.March 25: 200 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank
Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases: a.) Loss occurred at the start of process; b.) Loss occurred during the process; c.) Loss occurred at the end of process.
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. credit to Manufacturing Overhead of OMR 7,000 O b. debit to Work in Process of OMR 85,000 O c. None of the given answer is correct O d. debit to Work in Process of OMR 78,000 O e. debit to Raw Materials of OMR 85,000
The total cost of materials, labor, and overhead assigned to a job was $603. Company D transferred this job to its finished goods warehouse. Make the necessary journal entry to record this transaction.
Raw materials requisitioned by production for job No.106 consist of Direct Materials $7,000 and Indirect Materials $1,000. The entry to record this transaction is: * A debit to Work in Process $7,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $8,000 A debit to Work in Process $6,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $7,000 A debit to Work in Process $7,000, a credit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $6,000 O None of the above
Record the journal entries for the following transactions: March 10: 600 units of raw materials were purchased on account at $6.00 per unit. March 15: 500 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. March 25: 400 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. March 10 fill in the blank 2 fill in the blank 4 March 15 fill in the blank 6 fill in the blank 8 March 25 fill in the blank 10 fill in the blank 12
The following costs relate to one month's activity in Martin Company: Indirect materials $ 300 Rent on factory building $ 500 Maintenance of equipment $ 50 Direct material used $1,200 Utilities on factory $ 250 Direct labour $1,500 Selling expense $ 500 Administrative expense $ 300 Work-in-process inventory, beginning $ 600 Work-in-process inventory, ending $ 800 Finished goods inventory, beginning $ 500 Finished goods inventory, ending $ 250 Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (b.) Determine the cost of goods sold.
Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 1,000 units, 40% completed: Direct materials (1,000 x $6.20) $ 6,200 Conversion (1,000 x 40% x $2.60) 1,040 $ 7,240 From Smelting Department, 22,800 units $143,640 Direct labor 38,329 Factory overhead 20,639 During September, 1,000 units in process on September 1 were completed, and of the 22,800 units entering the department, all were completed except 2,400 units that were 70% completed. Charges to Work in Process—Rolling for October were as follows: From Smelting Department, 26,200 units $170,300 Direct labor 48,760 Factory…
The Townson Manufacturing Company has gathered the following information for the month of September pertaining to its use of materials in Work in Process: beginning inventory had 4,500 (EUPs) valued at $$13,500; $202,000 of materials were added during the month; ending inventory consisted of 16,000 (EUPs) and 50,000 units were completed and transferred to the next department. What is the weighted average cost per EUP of materials for the month of September? Round to the nearest $.001.
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The towson company has gathered the following information for the month of September pertaining to its use of materials in Work in Process; beginning inventory had 4,500 (equivalent units of production) valued at $13,500; $202,000 of materials were added during th emonth ending inventory consisted of 16,000 (equivalent units of production) and 50,000 units were completed and transfered to the next department. What is the FIFO cost per equivalent units of production of materials added for the month of september? Round to the nearest $.001

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