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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ces Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Units Pulping 3,000 100% Conversion 80% 7,000 100% 75% $ 885 $ 360 133,900 $ 44,203 $ 21,904 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: For March: 1. Compute the Drying Department's equivalent units of production for pulping and conversion. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion. 3. Compute the Drying…
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eBook Show Me HowPrint Item Question Content Area Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 36,000 units, 3⁄4 completed 207,360 31 Direct materials, 200,000 units 450,000 657,360 31 Direct labor 207,900 865,260 31 Factory overhead 680,400 1,545,660 31 Goods finished, 196,000 units 1,361,660 184,000 31 Bal., ? units, 1⁄2 completed 184,000 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during…
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