Wilma Waggins Company uses a process costing inventory system. The goods are processed first in department X and then passed onto department Y before being passed on as finished goods inventory. What is the journal entry for the transfer of unfinished goods from department X to department Y? Veuillez choisir une réponse : a. DR WIP - Department Y, CR Raw Materials b. DR WIP - Department Y, CR WIP - Department X c. DR WIP- Department X, CR Finished Goods Inventory d. DR WIP - Department X, CR WIP - Department Y

Wilma Waggins Company uses a process costing inventory system. The goods are processed first in department X and then passed onto department Y before being passed on as finished goods inventory. What is the journal entry for the transfer of unfinished goods from department X to department Y? Veuillez choisir une réponse : a. DR WIP - Department Y, CR Raw Materials b. DR WIP - Department Y, CR WIP - Department X c. DR WIP- Department X, CR Finished Goods Inventory d. DR WIP - Department X, CR WIP - Department Y

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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0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
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A manufacturer reports the information below. Finished goods inventory, beginning Finished goods inventory, ending Depreciation on factory equipment Direct labor Indirect labor Factory utilities Selling expenses Direct materials used Indirect materials used Office rent expense Work in process inventory, beginning Work in process inventory, ending Complete this question by entering your answers in the tabs below. Required A Required B Compute cost of goods sold for the period. Goods available for sale Cost of goods sold $ 8,200 9,140 4,800 84,000 36,700 3,200 750 55,900 700 1,200 1,600 2,400 $ 0
Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured $ (1) 105,200 84,200 200,200 $ (2) 150,200 $ 22,200 $ 138,200 (3) 217,200 32,200 $ 237,200
Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
I - When direct materials are issued, the WIP Inventory account is debited. II - When indirect materials are purchased, the raw materials inventory account is debited. * A. T, F B. F, T C. T, T D. F, F
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12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
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