Satellite Manufacturing is a company that manufactures satellite parts. The two departments in the company include the Placement Department and the Organization Department. Themanagerial accountant assigned total costs to units completed and to units in ending Work in Process Inventory and reported the following information:Units completed and transferred out(20,000)Satellite ManufacturingPlacement DepartmentMonth Ended July 31, 20XXDirectMaterialsUnits in ending Work In Process Inventory(5,000)Direct materialsConversion costsTotal cost of ending Work In ProcessInventoryTotal costs accounted forWhich of the following journal entry is needed to transfer the costs?-$0.30OA. Work in Process Inventory Placement Department $46,0001$1,000-ConversionCosts-Work in Process Inventory Organization Department $46,000OB. Work in Process Inventory Organization Department $46,000Work in Process Inventory Placement Department $46,000OC. Accounts Payable Placement Department $46,000Accounts Payable - Organization Department $46,000O D. Accounts Receivable Placement Department $46,000$2.00$0.50$4,300TotalAccounts Receivable - Organization Department $46,000$46,000$500$4,300$4,800$50,800

Work in process refers to the cost of goods that remain unfinished. The cost of goods refers to the…

ted and transferred out ng Work In Process Inventory Satellite Manufacturing Placement Department Month Ended July 31, 20XX Direct Materials erials n costs ending Work In Process counted for n Process Inventory - completed and to units in ending Work in Process Inventory and reported th ollowing journal entry is needed to transfer the costs? Work in Process Inventory - $0.30 - $1,000 Placement Department $46,000 Conversion Costs m Process Inventory - Organization Department $46,000 nts Payable Placement Department $46,000 $2.00 Organization Department $46,000 Work in Process Inventory Placement Department $46,000 $0.50 $4,300 nts Receivable - Placement Department $46,000 Accounts Payable - Organization Department $46,000 Total Accounts Receivable - - Organization Department $46,000 $46,000 $500 $4,300 $4,800 $50,800

ted and transferred out ng Work In Process Inventory Satellite Manufacturing Placement Department Month Ended July 31, 20XX Direct Materials erials n costs ending Work In Process counted for n Process Inventory - completed and to units in ending Work in Process Inventory and reported th ollowing journal entry is needed to transfer the costs? Work in Process Inventory - $0.30 - $1,000 Placement Department $46,000 Conversion Costs m Process Inventory - Organization Department $46,000 nts Payable Placement Department $46,000 $2.00 Organization Department $46,000 Work in Process Inventory Placement Department $46,000 $0.50 $4,300 nts Receivable - Placement Department $46,000 Accounts Payable - Organization Department $46,000 Total Accounts Receivable - - Organization Department $46,000 $46,000 $500 $4,300 $4,800 $50,800

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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