Entries for Product Cost Flow Record the following transactions that occurred during April for Boyd Manufacturing Corporation, which uses the perpetual inventory system; Apr. 21 Transferred $480,000 of completed goods from the factory to the warehouse. 25 Requisitioned $270,000 of materials for use in the factory as direct materials and $60,000 for indirect materials. 28 Sold goods costing $180,000 for $300,000 on account. Date Apr. 21 General Journal Description To record the transfer of completed goods. Apr. 25 Work in process inventory To record the requisitioning of material. Apr. 28 To record the sale of goods on account. Apr. 28 To record the cost of goods sold. Debit Credit

Entries for Product Cost Flow Record the following transactions that occurred during April for Boyd Manufacturing Corporation, which uses the perpetual inventory system; Apr. 21 Transferred $480,000 of completed goods from the factory to the warehouse. 25 Requisitioned $270,000 of materials for use in the factory as direct materials and $60,000 for indirect materials. 28 Sold goods costing $180,000 for $300,000 on account. Date Apr. 21 General Journal Description To record the transfer of completed goods. Apr. 25 Work in process inventory To record the requisitioning of material. Apr. 28 To record the sale of goods on account. Apr. 28 To record the cost of goods sold. Debit Credit

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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A. Prepare journal entries to record the transactions. B. Prepare T-accounts to show the flow of costs during the period from Material Inventory throughly Cost of Goods sold.
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Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 732 ($000) $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory. Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Direct materials used Total manufacturing costs Total costs of work-in-process BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Cost of goods manufactured $ 732
The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 發 Balances in inventory August 31 August 1 Materiais Work in Process Finished Goods $65,000547,000 $60.000 *Sue00 M The total amount of inventory to be included in Elite's August 31st balance sheet amounts to A. $135,000 B. $210,000 C. $160,000 D. Some other amount 1 1109
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