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

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
The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products d) Make decisions e) Formulate a balance sheet Make decision Price products Value inventory Record cost All of the above
The three major components of cost of goods sold are: a. Direct labor, direct material, and profit b. Direct labor, overhead, and profit c. Direct labor, direct material, and overhead d. Direct material, indirect material, and marketing.
Explain the flow of manufacturing costs through the inventories and into cost of goods sold.
In cost terms, direct labor cost is included inA. Manufacturing costsB. Prime costsC. Conversion costsD. B and CE. A, B and C
As production takes place, all material costs are added to the: Work-in-process Inventory account Manufacturing-Overhead inventory account Cost of goods sold account Finished goods inventory account
What does it mean that manufacturing overhead is applied to inventory?
The appropriate cost accounting system to use when inventory items are produced on an assembly line is a. perpetual method. b. job-order costing. c. weighted average. d. process costing.
What is the purpose of the Costs Accounted For section of the production cost report?
Explain an example of journal entry for the transfer in costs.