Entries for Product Cost FlowThe following transactions occurred during February 2016 for Thompson Manufacturing Company:Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale.11 Requisitioned $6,000 of material for use as direct material in the factory.16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse.Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system.General JournalDateFeb. 10##+0#Please answer all parts of the question.Feb.11Feb. 16DescriptionPreviousSave AnswersDebit000000Credit0ooooo000 e rastury.16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouseRecord these transactions in general journal form. Assume that Thompson Manufacturing Company uses the pGeneral JournalDateFeb.1Feb. 1Feb. 10DescriptionAccounts payableFinished goods inventoryMaterials inventoryWork in process inventoryPlease answer all parts of the question.PreviousSave AnswersDebit0ooo00000Credit000OOOO000

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Description: Entries for Product Cost FlowThe following transactions occurred during February 2016 for Thompson Manufacturing Company:Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale.11 Requisitioned $6,000 of materi

Journal entries are those which are reported in the books in order to prepare a day to day record of…

Business

Accounting

The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale, 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb.10 Feb.11 Feb.16 Description : # : + : # Please answer all parts of the question Debit 0 0 0 0 0 0 Credit D COODOO 0 0 0 0 0

The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale, 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb.10 Feb.11 Feb.16 Description : # : + : # Please answer all parts of the question Debit 0 0 0 0 0 0 Credit D COODOO 0 0 0 0 0

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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Kumar Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,000 at both cost and market value. At December 31, 2017, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method.
Gillam Ltd uses a perpetual inventory system. The unit cost of inventory is assigned using the First-In, First-Out method. During June 2010 the company had the following transactions for an item of material: June 1 Balance 240 units @ $6.00 $ 1,440 5 Purchased on credit 160 units @ $5.50 880 10 Issued 40 units to Job 60 15 Issued 220 units to Job 61 20 Purchased on credit 260 units @ $6.00 1,560 22 Issued 100 units to Job 62 25 Issued 200 units to Job 63 29 Returned 10 units to the supplier purchased on the 22 June REQUIRED: ( a ) Prepare an inventory ledger card (stock card) to record the above. ( b ) Prepare a general journal entry to record the total issues for June. ( c ) Prepare a general journal entry to record the return to the supplier of 10 units purchased on 22 June.
The December 31, 2016, inventory of Tog Company, based on a physical count, was determined to be $450,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $50,000. The purchase was recorded and paid for in 2017. Another supplier shipment costing $20,000 was correctly recorded as a purchase in 2016. However, the merchandise, shipped FOB shipping point, was not received until 2017 and was incorrectly omitted from the physical count. A third purchase, shipped from a supplier FOB shipping point on December 28, 2016, did not arrive until January 3, 2017. The merchandise, which cost $80,000, was not included in the physical count and the purchase has not yet been recorded. The company uses a periodic inventory system. Required: 1. Determine the correct December 31, 2016, inventory balance and, assuming that the errors were discovered after the 2016 financial statements were issued, analyze the effect of the errors on 2016 cost of…
Under the perpetual inventory system, what is the journal entry?