Wilma Waggins Company uses a process costing inventory system. The goods are processed first in department X and then passed onto department Y before being passed on as finished goods inventory. What is the journal entry for the transfer of unfinished goods from department X to department Y? Veuillez choisir une réponse : a. DR WIP - Department Y, CR Raw Materials b. DR WIP - Department Y, CR WIP - Department X c. DR WIP- Department X, CR Finished Goods Inventory d. DR WIP - Department X, CR WIP - Department Y

Wilma Waggins Company uses a process costing inventory system. The goods are processed first in department X and then passed onto department Y before being passed on as finished goods inventory. What is the journal entry for the transfer of unfinished goods from department X to department Y? Veuillez choisir une réponse : a. DR WIP - Department Y, CR Raw Materials b. DR WIP - Department Y, CR WIP - Department X c. DR WIP- Department X, CR Finished Goods Inventory d. DR WIP - Department X, CR WIP - Department Y

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 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: The costs that Byford had to account for during the month of November were as follows: Required: 1. Using the weighted average method, determine unit cost. 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? 3. CONCEPTUAL CONNECTION Bill Johnson, the manager of Byford, is considering switching from weighted average to FIFO. Explain the key differences between the two approaches and make a recommendation to Bill about which method should be used.
In a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods sold
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B. raw materials inventory C. finished goods inventory D. work in process inventory
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.
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Under process costing, the total production costs incurred in each process must be split between the units that have been completed in that process and transferred to the next process and the ________. A. units not completed and remaining in Work-in-Process Inventory for that department B. Finished Goods Inventory if it is the first process C. Work-in-Process Inventory of the previous department when there are no sales D. Cost of Goods Sold when the units are sold
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
Under process costing, the total production costs incurred in each process must be split between the units that have been completed in that process and transferred to the next process and then which of the following? Group of answer choices the Finished Goods Inventory if it is the first process the transferred-in units from the previous department the units not completed and remaining in Work-in-Process Inventory for that department the Cost of Goods Sold when the units are sold
What journal entry is made to record the transfer of goods from the final producing department to the finished goods inventory? Debit Raw Materials; Credit Finished Goods Inventory Debit Work in Process Inventory; Credit Raw Materials Inventory Debit Cost of Goods Sold; Credit Work in Process Inventory Debit Finished Good Inventory; Credit Work in Process Inventory
We discuss how to calculate the number of equivalent units and theequivalent cost per unit, and to reconcile the total cost of Work inProcess Inventory using the first-in, first-out (FIFO) method. You alsounderstood how to prepare the process costing production reportusing the first-in, first-out (FIFO) method. Knowledge Check 02Parker Corporation makes candy bars. One of its processing departmentsreported the following information for August. Beginning work in process costsincluded $50,000 in direct materials and $110,000 in conversion cost. A total of$144,000 of direct materials costs and $210,000 in conversion cost wasincurred during the month. Equivalent units totaled 12,000 for direct materialsand 8,000 for conversion cost. Using the first-in, first-out (FIFO) method,Parker's cost per equivalent unit for conversion during August would be: