The Montgomery Company produces bicycle helmets. During the most recent period, a materials requisition slip showed that directmaterials requested were $33,000 and indirect materials requested were $4,500. The entry to record the transfer of materials fromthe storeroom isO a debit to Raw Materials Inventory, a credit to Work in Process Inventory, and a credit to Manufacturing Overhead.O a debit to Raw Materials Inventory, a debit to Manufacturing Overhead, and a credit to Work in Process Inventory.a debit to Work in Process Inventory, a credit to Manufacturing Overhead, and a credit to Raw Materials InventoryO a debit to Work in Process Inventory, a debit to Manufacturing Overhead, and a credit to Raw Materials Inventory.

The objective of the question is to identify the correct journal entry to record the transfer of…

Answered: The Montgomery Company produces bicycle…

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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X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods.
The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for
I figured out the materials inventory, but how do I find the WIP and Finished goods inventory?
Use lean accounting to prepare the journal entry to record the purchase of $28,000 of raw materials on credit.
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule.
Please give me answer
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200
Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 of factory labor costs. Supporting records show that (a) the Assembly Department used $25,920 of direct materials and $37,800 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 (To record materials used) (To assign factory labor to production) Debit Credit
During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold manufactured goods with a cost of $72,000. Which of the following journal entries would be correct?" Multiple Choice debit to Work in Process of $66,000 and a credit to Finished Goods of $66,000. debit to Finished Goods of $72,000 and a credit to Sales of $72,000. debit to Finished Goods of $72,000 and a credit to Cost of Goods Sold of $72,000. debit to Finished Goods of $66,000 and a credit to Work in Process of $66,000.
Record the amount in each account affected by the transactions/adjustments below. Note: These are not complete journal entries not all rows will have more than one entry and they will not balance like previous transactions. Beginning Inventory Purchased $10,000 of raw materials Transferred $13,000 direct materials to factory for production. Production required $7,200 of direct labor. Applied overhead at $2 per each dollar of direct Completed work on production costing $32,120. Sold products that cost $17,530 to produce for $35,000 in sales. Actual overhead totaled $16,000. Ending Balances Raw Materials $12,500 Work In Process $3,600 Finished Goods Cost of Goods Sold $5,980 Sales $0 $0 $12,500 $3,600 $5,980 $0 $0

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