The following additional facts relate to production and costs are shown: Assembly department Finishing | department Units Beginning units (Jan 1, 2019) Units started or transferred in Completed units Ending units (Jan 31, 2019) 500 units (30%) 5,500 400 units (20%) 300 units (50%) 600 units (60%) Cost of beginning inventory Transferred in costs Material costs Conversion costs 57,700 98,000 74,950 5,280 Costs incurred in January Material costs Conversion costs 394,000 2,000,000 18,300 100,200

The following additional facts relate to production and costs are shown: Assembly department Finishing | department Units Beginning units (Jan 1, 2019) Units started or transferred in Completed units Ending units (Jan 31, 2019) 500 units (30%) 5,500 400 units (20%) 300 units (50%) 600 units (60%) Cost of beginning inventory Transferred in costs Material costs Conversion costs 57,700 98,000 74,950 5,280 Costs incurred in January Material costs Conversion costs 394,000 2,000,000 18,300 100,200

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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Similar questions

Inventory for a manufacturer consists of raw materials, work in process, and finished goods. Describe about it.
Which of the following accounts would be debited in the journal entry to record the issuance of direct materials? O A. Cost of Goods Sold O B. Finished Goods Inventory OC. Raw Materials Inventory O D. Work-in-Process Inventory
The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following? Group of answer choices Selling expenses Direct costs General and administrative expenses Direct labor, direct materials, and manufacturing overhead
9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufactured
Which of the following accounts would be debited to record the assignment of indirect materials? Group of answer choices Work-in-process inventory Manufacturing overhead Supplies expense Costs of goods sold
All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process Inventory, Beginning Balance O. Finished Goods Inventory, Ending Balance Cost of Goods Manufactured O Finished Goods Inventory, Beginning Balance
Which one of the following inventory management approaches determines the finished goods inventory level and then works backward until the raw material needs are determined? A. Just-in-time B. Extended EOQ C. Materials requirements planning D. Economic order quantity
Manufacturing firms use which of the following three inventory accounts? A. Materials, Work-in-process, Transferred-out. B. Materials, Work-in-process, Finished goods. C. Materials, Finished goods, Transferred-out. D. Work-in-process, Finished goods, Transferred-out.
Describe and compare the cost flow assumptions used to account for inventories.
Explain the flow of manufacturing costs through the inventories and into cost of goods sold.
Compute cost of goods manufactured.
the costs transferred to finished goods inventory are called ?