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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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What journal entry would be made as goods are transferred out from one department to another department? From the final department to the warehouse?

To determine

Identify the entry which is used to record the goods transferred out from one department to another department and to record goods transferred out from final department to warehouse.

Explanation

Transfer-in Cost:

A cost transferred from the previous process to the next process is known as transfer-in cost. In other words transfer-in cost is a cost which acts as a raw material cost in the next process.

In the entry which is used to record the goods transferred out from one department to another, work in process of subsequent department is debited. It is debited as, due to transferred in cost, the cost of subsequent department increases...

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