Which of the following is the correct journal entry to record direct materials put into production? Finished Goods Inventory XX Work in Process Inventory XX Raw Materials Inventory XX Work in Process Inventory XX Work in Process Inventory XX Raw Materials Inventory XX Work in Process Inventory XX Finished Goods Inventory XX

Which of the following is the correct journal entry to record direct materials put into production? Finished Goods Inventory XX Work in Process Inventory XX Raw Materials Inventory XX Work in Process Inventory XX Work in Process Inventory XX Raw Materials Inventory XX Work in Process Inventory XX Finished Goods Inventory XX

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter15: Integrated Production Processes (ipps)

Section: Chapter Questions

Problem 2P: Study Figure 15.8, showing the level 0 DFD of the cost accounting system. Note that the raw...

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12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
Question 24 - On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n) addition to raw materials purchases. addition to raw materials available for use. subtraction from raw materials available for use. subtraction from raw materials purchases.
41) The cost of interest, insurance, taxes, depreciation, breakage, warehousing, opportunity costs etc. is known as ___________. a. Costs of materials b. Costs of disposing materials c. Costs of ordering materials d. Costs of carrying inventory
32- Which of the following are held as an after-sales service for products supplied to customers? a. Finished Product b. Spares c. Raw Materials d. Work in Progress
Consider the following dataWork in process inventory December 317000Work in process inventory January 19000Purchases of raw material63000Raw Material inventory December 313000Raw Material inventory January 19000Direct Labor12000Total manufacturing overhead6000Calculate the cost of goods manufactured
Direct materials used during the month? Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2? Cost of goods placed in process during the period? Prime cost during the period?
n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. Compute the cost of direct labor used for the period. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
10-Identify the journal entry for abnormal wastage. a. Dr.Material inventory, Cr.Work in process inventory b. Dr.Costing profit and loss account, Cr.Work in process inventory c. Dr.Material inventory, Cr.Production overheads d. Dr.Production overheads, Cr.Work in process inventory
28-Identify the journal entry for normal wastage. a. Dr.Costing profit and loss account, Cr.Work in process inventory b. Dr.Production overheads, Cr.Work in process inventory c. Dr.Material inventory, Cr.Production overheads d. Dr.Material inventory, Cr.Work in process inventory
a. Based on the data in Exercise 20-11 (attached), determine the following:1. Cost of beginning work in process inventory completed this period2. Cost of units transferred to finished goods during the period3. Cost of ending work in process inventory4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest centb. Did the production costs change from the preceding period? Explain.c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Choose the journal entry. 1. Direct Materials used in the production Dr Work In process Inventory; Cr Materials Inventory Dr Materials Inventory; Cr Work In process Inventory Dr Factory overhead Inventory; Cr Work In process Inventory Dr Factory overhead Inventory; Cr Materials Inventory 2.Indirect Materials used in the production Dr Factory overhead Inventory; Cr Materials Inventory Dr Materials Inventory; Cr Work In process Inventory Dr Factory overhead Inventory; Cr Work In process Inventory Dr Work In process Inventory; Cr Materials Inventory 3. Record the accrued Direct Labor Dr Factory overhead; Cr Finished goods inventory Dr Finished goods inventory; Cr Work In process Inventory Dr Work In process Inventory; Cr Salary Payable Dr Materials Inventory; Cr Work In process Inventory