In process, beginning (100% complete as to materials, 30% complete as to labor and overhead Units started in September In process, end (100% complete as to materials, 50% complete as to labor and overhead) 5,000 25,000 8,000

In process, beginning (100% complete as to materials, 30% complete as to labor and overhead Units started in September In process, end (100% complete as to materials, 50% complete as to labor and overhead) 5,000 25,000 8,000

Name: Accountancy Crafts manufactures to customer order using the job order
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Description: Accountancy Crafts manufactures to customer order using the job order cost system. For the month just ended, it registered the following data: (refer to image) The ending WIP inventory was *a. P1,400,000b. P500,000c. P1,600,000d. P700,000 UnitsIn pro

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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Accounting Bosco Corp. uses a process costing system. Beginning inventory for January consisted of 1,020 units that were 69% completed. During January, 11,100 units were completed. On January 31, the inventory consisted of 590 units that were 50% completed. How many units were started during January? Multiple Choice 11,690 10,375 10,250 10,670.
answer letter f to j.
The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000
Calculate the October 31 balances for the following inventory accounts. 1. Raw Materials $ 2. Work in Process $ 3. Finished Goods
ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
A manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost. Job number 12345 2 Manufacturing costs May $2,230 1,950 2,748 Completed but not sold 510 Completed and sold during May 3,710 In process April $ 910 760 1,310 585 Sales Cost of goods sold Gross profit 1. Compute the May 31 balance in (a) Work in Process Inventory and (b) Finished Goods Inventory. 2. Compute gross profit for May. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Compute gross profit for May. Job Status at May 31 Completed and sold during May In process $ Total < Required 18 Required 2
answer letter k to o.
Hello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.
COGS?
Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 $ 6,000 $ 5,500 900 Raw materials Factory supplies Work in process Finished goods 800 6,500 13,200 3,500 12,000 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,840 January February AA5 3,230 February March ААЗ 3,408 $2,321 April Not sold Total $7,440 $8,038 $2,321 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Finished Process Goods COGS January $ February $ March
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