Required: Prepare the journal entries to record the above transactions. 1. Purchased raw materials on account 6. Completed products sold at 50% mark-up on cost P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs. of products, and sale finished goods. During the month of September 2015, the following The trigger points for recording of inventories are the purchase of materials, the completion transactions occurred: 2. Requisitioned 3 Direct labor costs incurred 4. Manufacturing overhead costs 5 Cost of goods manufactured raw materials to production 92,000 92,000 40,000 60,000 192,000
Required: Prepare the journal entries to record the above transactions. 1. Purchased raw materials on account 6. Completed products sold at 50% mark-up on cost P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs. of products, and sale finished goods. During the month of September 2015, the following The trigger points for recording of inventories are the purchase of materials, the completion transactions occurred: 2. Requisitioned 3 Direct labor costs incurred 4. Manufacturing overhead costs 5 Cost of goods manufactured raw materials to production 92,000 92,000 40,000 60,000 192,000
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 18E: For E2-17, prepare any journal entries that would have been different if the only trigger points had...
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