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Business
AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 6, Problem 4MCQ
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Managerial Accounting: The Corners...

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

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19MCQ
Problem 20MCQ
Problem 21BEA
Problem 22BEA
Problem 23BEA
Problem 24BEA
Problem 25BEA
Problem 26BEA
Problem 27BEA
Problem 28BEA
Problem 29BEA
Problem 30BEA
Problem 31BEB
Problem 32BEB
Problem 33BEB
Problem 34BEB
Problem 35BEB
Problem 36BEB
Problem 37BEB
Problem 38BEB
Problem 39BEB
Problem 40BEB
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55E
Problem 56P
Problem 57P
Problem 58P
Problem 59P
Problem 60P
Problem 61P
Problem 62P
Problem 63P
Problem 64P
Problem 65P
Problem 66P
Problem 67P
Problem 68P
Problem 69C
Problem 70C
Problem 71C
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
1 views

To record the transfer of costs from a prior process to a subsequent process, the following entry would be made:

  1. a. debit Finished Goods and credit Work in Process.
  2. b. debit Work in Process (subsequent department) and credit Transferred-In Materials.
  3. c. debit Work in Process (prior department) and credit Work in Process (subsequent department).
  4. d. debit Work in Process (subsequent department) and credit Work in Process (prior department)
  5. e. None of these.

To determine

What entry made, to record transfer of cost from a prior to subsequent process

Explanation

Transfer-in Cost:

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

d.

When cost is transferred from prior process to subsequent process, work in process of subsequent department is debited because it increases the cost of subsequent process. In the entry, work in process of prior process should be credited because, due to the transfer, the cost of prior department will decrease. Therefore, option d. is correct.

a.

Finished goods are debited and work in process is credited at the time of completion of process...

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Chapter 6 Solutions

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Ch-6 P-1DQCh-6 P-2DQCh-6 P-3DQCh-6 P-4DQCh-6 P-5DQCh-6 P-6DQCh-6 P-7DQCh-6 P-8DQCh-6 P-9DQCh-6 P-10DQ
Ch-6 P-11DQCh-6 P-12DQCh-6 P-13DQCh-6 P-14DQCh-6 P-1MCQCh-6 P-2MCQCh-6 P-3MCQCh-6 P-4MCQCh-6 P-5MCQCh-6 P-6MCQCh-6 P-7MCQCh-6 P-8MCQCh-6 P-9MCQCh-6 P-10MCQCh-6 P-11MCQCh-6 P-12MCQCh-6 P-13MCQCh-6 P-14MCQCh-6 P-15MCQCh-6 P-16MCQCh-6 P-17MCQCh-6 P-18MCQCh-6 P-19MCQCh-6 P-20MCQCh-6 P-21BEACh-6 P-22BEACh-6 P-23BEACh-6 P-24BEACh-6 P-25BEACh-6 P-26BEACh-6 P-27BEACh-6 P-28BEACh-6 P-29BEACh-6 P-30BEACh-6 P-31BEBCh-6 P-32BEBCh-6 P-33BEBCh-6 P-34BEBCh-6 P-35BEBCh-6 P-36BEBCh-6 P-37BEBCh-6 P-38BEBCh-6 P-39BEBCh-6 P-40BEBCh-6 P-41ECh-6 P-42ECh-6 P-43ECh-6 P-44ECh-6 P-45ECh-6 P-46ECh-6 P-47ECh-6 P-48ECh-6 P-49ECh-6 P-50ECh-6 P-51ECh-6 P-52ECh-6 P-53ECh-6 P-54ECh-6 P-55ECh-6 P-56PCh-6 P-57PCh-6 P-58PCh-6 P-59PCh-6 P-60PCh-6 P-61PCh-6 P-62PCh-6 P-63PCh-6 P-64PCh-6 P-65PCh-6 P-66PCh-6 P-67PCh-6 P-68PCh-6 P-69CCh-6 P-70CCh-6 P-71C

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