Transaction 1. Raw materials worth $12,000 were issued for use in the Cutting Department. 2. Manufacturing overhead was applied to the Shaping Department, $10,000. 3. Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department. 4. Finished snowboards worth $80,000 were transferred from the Shaping Department to the finished goods warehouse. 5. Finished snowboards that cost $100,000 were sold to customers. Debit Credit Transaction 1. Raw materials worth $12,000 were issued for use in the Cutting Department 2 Manufacturing overhead was applied to the Shaping Department, $10,000. 3 Unshaped cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department 4. Finished snowboards worth $80,000 were transferred from the Shaping Department to the finished goods warehouse. 5. Finished snowboards that cost $100,000 were sold to customers Debit Credit

Transaction 1. Raw materials worth $12,000 were issued for use in the Cutting Department. 2. Manufacturing overhead was applied to the Shaping Department, $10,000. 3. Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department. 4. Finished snowboards worth $80,000 were transferred from the Shaping Department to the finished goods warehouse. 5. Finished snowboards that cost $100,000 were sold to customers. Debit Credit Transaction 1. Raw materials worth $12,000 were issued for use in the Cutting Department 2 Manufacturing overhead was applied to the Shaping Department, $10,000. 3 Unshaped cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department 4. Finished snowboards worth $80,000 were transferred from the Shaping Department to the finished goods warehouse. 5. Finished snowboards that cost $100,000 were sold to customers Debit Credit

Name: rr Transaction 1. Raw materials worth $12,000 were issued for use in t
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Description: rr Transaction 1. Raw materials worth $12,000 were issued for use in the Cutting Department. 2.Manufacturing overhead was applied to the Shaping Department, $10,000. 3. Unshaped, cutsnowboards worth $60,000 were transferred from the Cutting Departmen

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

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Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of 10 per DLH is used to assign overhead to production. The company experienced the following operating activity for April: a. Materials issued to Assembly, 24,000 b. Direct labor cost: Assembly, 500 hours at 9.20 per hour; Finishing, 400 hours at 8 per hour c. Overhead applied to production d. Goods transferred to Finishing, 32,500 e. Goods transferred to finished goods warehouse, 20,500 f. Actual overhead incurred, 10,000 Required: 1. Prepare the required journal entries for the preceding transactions. 2. Assuming Assembly and Finishing have no beginning work-in-process inventories, determine the cost of each departments ending work-in-process inventories.
Company A transferred plastic costing $4,000 and sheet metal costing $22,000 to the factory floor to be used as direct materials in production. Make the necessary journal entry or entries to record these transactions.
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During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a: O debit to Work in Process of $79,000 O debit to Work in Process of $83,000 credit to Manufacturing Overhead of $4,000 debit to Raw Materials of $83,000
Prepare journal entries to record the following production activities for Hotwax. 1. Requisitioned $9,000 of indirect materials for use in production of surfboard wax. 2. Incurred $156,000 overhead costs (credit Other Accounts). 3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $75,000 in the Mixing department and $50,000 in the Shaping department.
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. credit to Manufacturing Overhead of OMR 7,000 O b. debit to Work in Process of OMR 85,000 O c. None of the given answer is correct O d. debit to Work in Process of OMR 78,000 O e. debit to Raw Materials of OMR 85,000
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. debit to Raw Materials of OMR 85,000 O b. debit to Work in Process of OMR 85.000 debit to Work in Process of OMR 78,000 O d. creditto Manufacturing Overhead of OMR 7,000 e. None of the given answer is correct
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The direct materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: O a. debit to Raw Materials of OMR 85,000 O b. debit to Work in Process of OMR 85,000 O c. debit to Work in Process of OMR 78,000 O d. debit to Manufacturing Overhead of OMR 78,000 e. None of the given answer is correct NEXT PAGE
Barta Inc, has the following information: a. beginning balance of finished goods $19.200 b. ending balance of finished goods $17,900 c. beginning balance of work in process $15,000 d. ending balance of work in process $25,000 e. beginning balance of raw materials $43,000 f. ending balance of raw materials $46,500 g. direct labor $78,100 h. factory overhead $87,200 į, sales revenue $425,000 k. gross profit $237,500 How much is the cost of raw materials purchased?
46) During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a: A) debit to Work in Process of $79,000 B) debit to Work in Process of $83,000 C) credit to Manufacturing Overhead of $4,000 D) debit to Raw Materials of $83,000
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Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following costs were incurred. Mixing Packaging Raw materials used $ 10,000 $ 28,000 Factory labor costs 8,000 36,000 Manufacturing overhead costs 12,000 54,000 Units completed at a cost of $ 21,000 in the Mixing Department are transferred to the Packaging Department. Units completed at a cost of $ 106,000 in the Packaging Department are transferred to Finished Goods.Journalize the assignment of these costs to the two processes and the transfer of units as appropriate. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (a) work in process- Mixing (c) (To record materials used) (a) (b) (c) (To assign factory labor to production) work in process-packaging (b)…