June production generated the following activity in Barge Chassis Company's Work-in-Process Inventory account:(Click the icon to view the activity.)Additionally, Barge has completed Jobs 142 and 143, with total costs of $46,000 and $45,000, respectively.Read the requirements.Data tableJune 1 balanceDirect materials usedDirect labor assigned to jobsManufacturing overhead allocated to jobsPrintDone$18,00026,00038,00019,000Requirements41. Prepare the journal entry for production completed in June.2. Open a T-account for Work-in-Process Inventory Post the journal entry madein Requirement 1. Compute the ending balance in the Work-in-ProcessInventory account on June 30.Print<- x3. Prepare the journal entry to record the sale on account of Job 143 for$52,000. Also, prepare the journal entry to record Cost of Goods Sold for Job143.4. What is the gross profit on Job 143?Doneion on the last line of the journal en

JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

June production generated the following activity in Barge Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Barge has completed Jobs 142 and 143, with total costs of $46,000 and $45,000, respectively. Read the requirements. Data table June 1 balance Direct materials used Direct labor assigned to jobs Manufacturing overhead allocated to jobs Print Done $ 18,000 26,000 38,000 19,000 Requirements ► 1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $52,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143? Print <- X Done ion on the last line of the journal en

June production generated the following activity in Barge Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Barge has completed Jobs 142 and 143, with total costs of $46,000 and $45,000, respectively. Read the requirements. Data table June 1 balance Direct materials used Direct labor assigned to jobs Manufacturing overhead allocated to jobs Print Done $ 18,000 26,000 38,000 19,000 Requirements ► 1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $52,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143? Print <- X Done ion on the last line of the journal en

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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The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system. Labour and Overhead Units (Percentage Complete) Work in process inventory, July 1 20,000 40% Started and completed during the month 80.000 Work in process inventory, July 31 40.000 25% All materials are added at the beginning of the manufacturing process. The equivalent units of production for materiai for the month are? $70,000 $90,000 $85,500 s80.000
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Morrow Corporation had only one job in process during May-Job X32Z- and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 17,000 $ 14,000 $ 4,400 $ 32,800 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 220 0 100 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May?
Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory Started 3,000 Beginning work in process inventory 30,000 Direct materials $ 3,180 Ending work in process inventory 6,000 Conversion 13,896 status of ending work in process inventory Direct materials added Materials-Percent complete Direct labor added $ 17,076 212,310 170,910 239,274 $639,570 Conversion-Percent complete Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 61,500 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total Costs to Account for: Total costs to account for: $ 0 Total costs accounted for $ 0 Difference due to rounding cost/unit Unit Reconciliation: *********** *********** OLO 100% 25% 5 of 5 ی
Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
The ABC Company manufactures stationary that goes through two processing stages prior to completion. It uses weighted-average method for process costing. Information on work in the first department, Department A is given below for June: Units Materials Conversion Work in process inventory, 1 June 8,000 40% 60% Work in process inventory, 30 June 10,000 60% 40% Materials Conversion Work in process inventory, 1 June $12,220 $10,200 Cost added during June $109,460 $97,920 During June, 100,000 units were started in Department A. Required: a) Determine the number of units completed and transferred to the next department in June. b) Determine the equivalent units for June for Department A. c) Compute the costs per equivalent unit for June for Department A. (2 marks) (6 marks) (4 marks)
Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $ 1,500 2,100 Job 5 $1,000 200 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 2,500 2,300 4,800 4,800 4,800
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