Transfer of units (Work in process) from one department to another department or to finished goods inventory: At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department. At times they are transferred to finished goods inventory. The journal to record the transfer of units from the manufacturing department to finished goods inventory is - Date Accounts Titles and Descriptions Debit Credit Finished Goods Inventory XXX Work in Process Inventory XXX (WIP transferred from processing to Finished goods inventory)) To prepare: Journal entry to record transfer of units to finished goods inventory

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Answer 1

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

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Novelli's Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. The individual products are listed within the categories of trees. Selling Price Cost Broad leaf trees: Ash $ 1,840 $ 1,740 Beech 2,260 1,640 Needle leaf trees: Cedar $ 2,580 $ 1,790 Fir 3,700 3,390 Fruit trees: Apple $ 1,840 $ 1,440 Cherry 2,360 1,840 The costs to sell are 10% of selling price. Required: Determine the reported inventory value assuming the lower of cost or net realizable value rule is applied to the total inventory.

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Answer 2

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Answer 6

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Answer 7

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 20 - Prob. 1DQ Ch. 20 - Prob. 2DQ Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ Ch. 20 - Prob. 6DQ Ch. 20 - Prob. 7DQ Ch. 20 - Prob. 8DQ Ch. 20 - Prob. 9DQ Ch. 20 - Prob. 10DQ

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Chapter 20 Solutions

Date	Accounts Titles and Descriptions	Debit	Credit
	Finished Goods Inventory	XXX
	Work in Process Inventory		XXX
	(WIP transferred from processing to Finished goods inventory))