Process costing: All the given answers are correct. Ob. uses the manufacturing accounts, including Manufacturing Overhead. Raw Materials. Work in Process, and Finished Goods. allocates applied manufacturing overhead cost to product cost. Od. assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit. (s normally used by companies which produce shoes.

Process costing: All the given answers are correct. Ob. uses the manufacturing accounts, including Manufacturing Overhead. Raw Materials. Work in Process, and Finished Goods. allocates applied manufacturing overhead cost to product cost. Od. assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit. (s normally used by companies which produce shoes.

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
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