Job 113 was completed at a cost of $4,700, and Job 85 was completed at a cost of $3,300 and sold on account for $4,300. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113. Finished Goods Inventory Work in Process Inventory B. Completion and sale of Job 85. Finished Goods Inventory Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Accounts Receivable Sales 00
Q: Which of the following is included in the entries to record the sale of a job costing $5,000 to…
A: Journal entry represents the account where the financial transactions are recorded initially. The…
Q: The Work in Process inventory account of Ninetales Publishing Inc shows a total manufacturing cost…
A: Overhead cost = ₱20,000 - ₱6,000 - ₱5,000 - ₱2,000 - ₱4,000 = ₱3,000
Q: The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper…
A: An income statement is a financial statement that shows you how profitable or in loss your business…
Q: Danica Corp. provided the following inventory balances and cost data for the month of June. June…
A: Cost of goods manufactured means how much costs has been incurred in production or manufacturing of…
Q: The Zoe Corporation has the following information for the month of March: Cost of direct materials…
A: a) Cost of Goods manufactured: It is the total cost that is incurred in a particular period to…
Q: Zoe Corporation has the following information for the month of March: Cost of direct materials used…
A: Introduction:- The following formula used to calculate Cost of goods manufactured as follows under:-…
Q: The following T-accounts have incomplete postings; however, the amounts shown therein are correct:…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The Finishing Department of Lon and Lonny, Inc. the last department in the manufacturing process,…
A: Given, Cost of total inventory in the month of June= $ 200,000 June 1 WIP Inventory = $0 June 30…
Q: What is the predetermined overhead rate based on direct labor cost? What is the total cost…
A:
Q: Selected accounts from the accounting records of Bergez Manufacturing Company (who uses a job order…
A: Given information: Actual factory overhead $93,240 Predetermined factory overhead $90,720
Q: Using the information given in the problem (please see pictures) I have to find: 1. What was the…
A: Finished goods: In process costing, finished goods are referred to the completed units of products.…
Q: The following T-accounts represent September activity. Required: Compute the missing amounts…
A: (b) $178,600 (a) 178600+4,500+8,900-8,500 = $183500 (c) $121000 (d) $100,100 (e)…
Q: The journal entry to record the completion of Job No.114 at a cost of $174,000 would include: * A…
A: The completion of Job No.114 at cost = $174000 The given statement deals with job costing records.…
Q: The Zoe Corporation has the following information for the month of March: Cost of direct materials…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: Zoe Corporation has the following information for the month of March: Cost of direct materials used…
A: A cost of goods sold statement contains more information on the cost of products sold for a given…
Q: Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 268,080…
A: Overhead applied =37100 x 30%=$11130 Total manufacturing cost =$195330 +$ 215360 -$268080=$142610
Q: The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: * A…
A: Job has been completed when following process has been completed : Raw materials a/c Dr.…
Q: Selected accounts with some amounts omitted are as follows Work in Process Aug. 1 Balance…
A: In this case, we have to Prepare the works-in-progress Account and factory overhead is 30% of direct…
Q: Zoe Corporation has the following information for the month of March: Cost of direct materials used…
A: a). Computing the Cost of Goods manufactured :- Cost of Goods Manufactured Work in process,…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,100…
A: This question requires us to calculate the Closing Balance of the Work in Process Account as of…
Q: On April 1, Peter Senen Company had the following balances in the inventory accounts:…
A: Processing cost of the jobs will be calculated by adding the direct costs and applied overhead to…
Q: Sterling's records show the work in process inventory had a beginning balance of $3,000 and an…
A: The overall cost of producing the things that are produced during a given accounting period is known…
Q: Based on the following information. you are réquired to preparc the following a Journal entries…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: I attempted this problem and tried to do the company's statement of cost of goods manufactured for…
A: Statement of cost of goods manufactured: It is a statement which reports the detailed cost breakup…
Q: On June 30 a company finished job 110 with total costs of $119,000 and transferred the costs to…
A: The cost of goods sold is recorded in the books when the goods are sold to the customers. The cost…
Q: What was the balance of Work in Process as of April 30? a.$22,900 b.$29,900 c.$8,100 d.$35,000
A: Following are the calculation of work-in-process balance as of April 30:
Q: The transactions that flow through the accounts in job-order costing are entered into the accounting…
A: Solution: Job costing is applied when goods are produced for specific jobs or orders, and price…
Q: Job cost sheets show the following information: Job January February March Completed Sold…
A: The work in process records the direct materials, direct labor cost and manufacturing overhead…
Q: [The following information applies to the questions displayed below.} The following data is provided…
A: Cost of goods sold includes all costs and expenses related to production of goods.it doesn't…
Q: Before the completed production for June is recorded, the work in process inventory account for…
A: Total cost of jobs completed=Job 107 + Job 108 + Job 109=$126,000+$265,500+$112,500=$504,000
Q: ob cost sheets show the following information: Job January February March Completed Sold…
A: The term inventory refers to both raw materials used in manufacturing and finished goods that are…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance…
A: Formula: Ending work in process = Beginning work in process + Direct materials + Direct labor +…
Q: Job 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on…
A: Solution- S no Particulars Amount Amount 1 Finished goods inventory ------------------------DR…
Q: Job no. C12 was completed in November at a cost of P18,500, subdivided as follows: direct material,…
A: Answer) The correct answer in the given question is: Account Titles and Explanation Debit…
Q: Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on…
A: Job cost is used to estimate any customized order on the basis of customer specifications.
Q: Following figures have been extracted from the Cost Records of a manufacturing unit : $ Store:…
A:
Q: Work in Process Aug. 1 Balance 270,500 Aug. 31 Goods finished 167,400 31 Direct…
A: In this case, we have to Prepare the works-in-progress Account and factory overhead is 30% of direct…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance…
A: Work in process: Work in process refers to the goods that are partially completed, they are also…
Q: Zoe Corporation has the following information for the month of March: Cost of direct materials used…
A: Total manufacturing costs = Direct materials used + Direct labor + Factory overhead Cost of goods…
Q: Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600…
A: Job costing: It is the category of basic costing method which is applicable where the works consist…
Q: Prepare journal entries to record the production activities. Transferred completed goods from the…
A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…
Q: Zoe Corporation has the following information for the month of March. Cost of direct materials used…
A: Cost of Goods Manufactured =Direct Materials +Direct Labor Costs +Factory overhead +Beginning Work…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600…
A: Goods finished = $307,900 WIP, April 30 = WIP, April 1 + DM + DL + Factory overhead - Goods finished
Q: During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold…
A: Both of the accounts have a nominal debit balance. So every debit is used for increase and credit to…
Q: Two items are omitted from each of the following three lists of cost of goods manufactured statement…
A: a. Total Manufacturing costs: Work in process inventory, August 1 + Total manufacturing costs…
Q: Determine the cost of goods manufactured. $fill in the blank 1 b. Determine the cost of goods…
A: Here is the calculations for both the questions.
Q: The Zoe Corporation has the following information for the month of March: Cost of direct materials…
A:
Q: A materials requisition slip showed that direct materials requested were $96000 and indirect…
A: Manufacturing overhead (sometimes referred to as factory overhead, factory burden, or production…
Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances.
Step by step
Solved in 2 steps
- Ch. 3 MG Homework Saved Help Save & Exit SubmitThe following four companies use a process cost system:Required:Treating each case independently, find the missing amount solana co. vista.co Ray Inc. Lindsay company conversion cost ? 235200 56350 ? direct labor 43000 ? 25300 13300 depreciation 2400 17400 ? 1500 manufacturing overhead 25500 143600 ? ? rent 16100 ? 10100 830 direct materials 89100 362050 39600 17050 supervisors salary 5200 19450 2700 1900 utilities ? 34200 8850 630** Please don't use hand writing and don't copy and paste *** I want new and unique answer .. Thank you ACT 301 Q2. RCR has two support departments, X1 and X2, and two operating departments, Z1 and Z2. RCR has decided to use the direct method and allocate variable X1 dept. costs based on the number of transactions and fixed X1 dept. costs based on the number of employees. X2 dept. variable costs will be allocated based on the number of service requests and fixed costs will be allocated based on the number of computers. The following information is provided: Support Departments Operating Departments X1 X2 Z1 Z2 Total Department variable costs 12,500 15,000 95,000 52,500 Total department fixed costs 14,500 27,500 105,000 45,000 Number of transactions 38 45 175 112 Number of employees 14 18 38 30 Number of service requests 30 18 38 25 Number of computers 15 20 25 30 You are…Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 Redlands Inc. reported standard and actual costs for the product that it manufactures: Based on the information above, complete the following: 1. Standard product cost (This section was completed) 2. Forecast income statement through gross profit(This section was completed) 3. Direct Materials…
- Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 Redlands Inc. reported standard and actual costs for the product that it manufactures: Based on the information above, complete the following: 1. Standard product cost (This section was completed) 2. Forecast income statement through gross profit(This section was completed) 3. Direct Materials…May I ask for a solution and explanation to the problem for a better understanding. Thank you! 6. Using Carrot Corp. What is the Average collection period for year 2? a. 20 days b. 22.50 days c. 24 days d. 24.50 daysOn June 30 question attached in ss below thnak you for the help appareicated it 4i2opt24 y2oy4p
- Plz help plzzz urgent hand written plzxzzz..solve 20-25 mins plzzAssignment 7.1: Session 7 Comprehensive Problem (Chapter 9) This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 * Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products. 1. Standard product cost Item Price Quantity Total Direct materials…Hand written plz asap..plz solve it within 20-25 mins I'll give you multiple upvote
- I need help filling in my spreadsheet and I have looked up in the library but everyone's answer are coming out wrong. Can you please help me because this is due tomorrow. Company Accounting Workbook Template Spreadsheet https://learn.snhu.edu/content/enforced/1059513-ACC-201-R5781-OL-TRAD-UG.22EW5/Course%20Documents/ACC%20201%20Company%20Accounting%20Workbook%20Template.xlsx?_&d2lSessionVal=z4RVl9IawPfmsxCM81JBkzX5v&ou=1059513 Accounting Data Appendix Word Document. https://learn.snhu.edu/content/enforced/1059513-ACC-201-R5781-OL-TRAD-UG.22EW5/Course%20Documents/ACC%20201%20Accounting%20Data%20Appendix%201.docx?_&d2lSessionVal=z4RVl9IawPfmsxCM81JBkzX5v&ou=1059513Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 * Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products. Based on the information above, complete the following: 1.…need solving, answer is given 1. [90,000] 2. [7] 3. [72,000] 4. [18,000] 5. [(56,000)] 6. [(42,000)] 7.PRODUCTION