The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: * A debit to Work in Process Inventory O $72,000 and a credit to Finished Goods Inventory $72,000 A credit to Work in Process Inventory O $72,000 and a debit to Finished Goods Inventory $72,000 A credit to Finished Goods Inventory O $72,000 and a debit to cost of goods sold $72,000 None of the above

The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: * A debit to Work in Process Inventory O $72,000 and a credit to Finished Goods Inventory $72,000 A credit to Work in Process Inventory O $72,000 and a debit to Finished Goods Inventory $72,000 A credit to Finished Goods Inventory O $72,000 and a debit to cost of goods sold $72,000 None of the above

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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Use the following information for the next two questions: Sur Company uses a job-order costing system and has the following data available: $78,000 $0 Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials used $10,000 $444,000 $270,000 $390,000 $438,000 140% Overhead application rate (based on direct labor cost) All work-in-process inventory during this period was completed and sold. 36. Direct labor cost incurred Factory overhead incurred The journal entry to record the actual factory overhead costs incurred would include a A) Debit to Cash, Accounts Payable etc. for $438,000 B) Debit to Factory Department Overhead Control for $438,000 C) Credit to Factory Department Overhead Control for $546,000 D) Credit to Work-In-Process Inventory for $546,000 37. The journal entry to record the factory overhead costs applied would include a A) Credit to Cash, Accounts Payable etc. for…
Job XXX required 260 direct labour hours of which 220 hours were incurred during the current accounting period. The predetermined overhead cost rate is £7.50 per direct labour hour. How much overhead should be applied to Job XXX during the current accounting period? a. £1,650 b. £366 c. £1,950 d. £915
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nline A company uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Bal. 1/1 Debits Bal. 12/31 Finished Goods 43,000 Credits ? 50,000 The Cost of Goods Manufactured for the year was $450,000. The unadjusted Cost of Goods Sold for the year was:
Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 78,400 30 Direct labor 195,000 30 Factory overhead 136,500 Finished Goods Apr. 1 Balance 42,000 30 Goods finished 387,000 What was the balance of Work in Process as of April 30? a.
Job 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on account for $4,500. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113. fill in the blank ec5974fe0f8f04b_2 fill in the blank ec5974fe0f8f04b_3 fill in the blank ec5974fe0f8f04b_5 fill in the blank ec5974fe0f8f04b_6 B. Completion and sale of Job 85. fill in the blank ac9efe072f91fff_2 fill in the blank ac9efe072f91fff_3 fill in the blank ac9efe072f91fff_5 fill in the blank ac9efe072f91fff_6 fill in the blank ac9efe072f91fff_8 fill in the blank ac9efe072f91fff_9 fill in the blank ac9efe072f91fff_11 fill in the blank ac9efe072f91fff_12 fill in the blank ac9efe072f91fff_14 fill in the blank ac9efe072f91fff_15 fill in the blank ac9efe072f91fff_17 fill in the blank ac9efe072f91fff_18
A company that uses job order costing uses $24,000 of raw materials as indirect materials and uses $64,000 of raw materials as direct materials. The journal entry to record the use of direct materials consists of a debit to Work in Process Inventory for $64,000 and a credit to Raw Materials Inventory for $64,000. True or False True False
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I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and overhead and the subtract the completed jobs from it?
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General Accounting
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