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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Recording issuing of materials
Materials issued for the current month are as follows

a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month.
b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:

To determine

Concept Introduction:

Work in Progress: All the direct material cost, labor cost and the applied manufacturing cost is transferred to the work in progress account from which we convert it into production and then transfer it to finished goods account.

Factory Overhead: All those indirect material cost, indirect labor cost is transferred to the factory overhead account and the applied factory overhead is transferred to the WIP account.

Requirement-1:

To Calculate:

Determine the material transferred to the work in progress account and material transferred the factory overhead account.

Explanation

Material transferred to WIP= Fiberglass+ Plastic+ Wood+ Aluminum

= 11...

To determine

Concept Introduction:

Work in Progress: All the direct material cost, labor cost and the applied manufacturing cost is transferred to the work in progress account from which we convert it into production and then transfer it to finished goods account.

Factory Overhead: All those indirect material cost, indirect labor cost is transferred to the factory overhead account and the applied factory overhead is transferred to the WIP account.

Requirement-2:

To Indicate:

The effect on the accounts and financial statements of the material transferred in a.

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