During November at ABC Company, OMR83,000 of raw materials were requisitioned from the storeroom and used in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR4,000. The journal entry to record the material requisition from the storeroom would include a: Select one: O a. Debit to raw materials of OMR73,000 O b. Debit to work in process of OMR68,000 O c. Credit to work in process of OMR68,000 O d. Credit to manufacturing overhead of OMR5,000

During November at ABC Company, OMR83,000 of raw materials were requisitioned from the storeroom and used in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR4,000. The journal entry to record the material requisition from the storeroom would include a: Select one: O a. Debit to raw materials of OMR73,000 O b. Debit to work in process of OMR68,000 O c. Credit to work in process of OMR68,000 O d. Credit to manufacturing overhead of OMR5,000

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Description: Clear my choiceDuring November at ABC Company, OMR83,000 ofraw materials were requisitioned from the storeroomand used in production. These raw materials includedboth direct and indirect materials. The indirectmaterials totaled OMR4,000. The journal

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units....

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at 8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at 8 per unit and 1,480 units for Job 305 at 5 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
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On August 4, Carrothers Company purchased on account 760 units of materials at $11 per unit. During August, raw materials were requisitioned for production as follows: 334 units for Job 50 at $8 per unit and 319 units for Job 56 at $11 per unit. Question Content Area Journalize the entry on August 4 to record the purchase. If an amount box does not require an entry, leave it blank. Aug. 4 - Select - - Select - - Select - - Select - Question Content Area Journalize the entry on August 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. Aug. 31 - Select - - Select - - Select - - Select -