Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased Direct materials used Direct labor used Factory overhead Work in process inventory, beginning Cost of goods manufactured Ending Work in Process Inventory is Computed as: Work in process inventory, beginning Total manufacturing costs. Total cost of work in process Work in process inventory, ending $ 124,400 89,600 55,000 101, 300 28,800 222,800 0

Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased Direct materials used Direct labor used Factory overhead Work in process inventory, beginning Cost of goods manufactured Ending Work in Process Inventory is Computed as: Work in process inventory, beginning Total manufacturing costs. Total cost of work in process Work in process inventory, ending $ 124,400 89,600 55,000 101, 300 28,800 222,800 0

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 17MC: Assigning indirect costs to departments is completed by __________________________. applying the...

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In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
In a job order cost system, which account shows the overhead used by the company? A. work in process inventory B. finished goods inventory C. cost of goods sold D. manufacturing overhead
Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving document
In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
Assigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
The ending balance of which of the following accounts is calculated by summing the totals of the open (unfinished) job-order cost sheets? a. Raw Materials b. Overhead Control c. Work in Process d. Finished Goods e. Cost of Goods Sold
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
During production, to what are the costs in job order costing applied? A. manufacturing overhead B. cost of goods sold C. each individual product D. each individual department
Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the work in process inventory account?