Job no. C12 was completed in November at a cost of P18,500, subdivided as follows: direct material, P3,500; direct labor, P6,000; and manufacturing overhead, P9,000. The journal entry to record this information is: a. Finished-Goods Inventory 18,500 Work-in-Process Inventory b. Work-in-Process Inventory Finished-Goods Inventory c. Work-in-Process Inventory 18,500 18,500 18,500 18,500 Raw-Material Inventory Wages Payable Manufacturing Overhead 3,500 6,000 9,000 d. Cost of Goods Sold 18,500 Finished-Goods Inventory 18,500
Job no. C12 was completed in November at a cost of P18,500, subdivided as follows: direct material, P3,500; direct labor, P6,000; and manufacturing overhead, P9,000. The journal entry to record this information is: a. Finished-Goods Inventory 18,500 Work-in-Process Inventory b. Work-in-Process Inventory Finished-Goods Inventory c. Work-in-Process Inventory 18,500 18,500 18,500 18,500 Raw-Material Inventory Wages Payable Manufacturing Overhead 3,500 6,000 9,000 d. Cost of Goods Sold 18,500 Finished-Goods Inventory 18,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Job no. C12 was completed in November at a cost of P18,500, subdivided as
1.
follows: direct material, P3,500; direct labor, P6,000; and manufacturing
overhead, P9,000. The journal entry to record this information is:
a. Finished-Goods Inventory
18,500
Work-in-Process Inventory
b. Work-in-Process Inventory
18,500
18,500
Finished-Goods Inventory
Work-in-Process Inventory
Raw-Material Inventory
18,500
C.
18,500
Wages Payable
Manufacturing Overhead
3,500
6,000
9,000
d. Cost of Goods Sold
18,500
Finished-Goods Inventory
18,500
Transcribed Image Text:15. The final step in recognizing the completion of production requires a
company to:
a. debit Finished-Goods Inventory and credit Work-in-Process Inventory.
b. debit Work-in-Process Inventory and credit Finished-Goods Inventory.
c. add direct labor to Work-in-Process Inventory.
d. add direct materials, direct labor, and manufacturing overhead to
Work-in-Process Inventory.
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