The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: * A debit to Work in Process Inventory O $72,000 and a credit to Finished Goods Inventory $72,000 A credit to Work in Process Inventory O $72,000 and a debit to Finished Goods Inventory $72,000 A credit to Finished Goods Inventory O $72,000 and a debit to cost of goods sold $72,000 None of the above

The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: * A debit to Work in Process Inventory O $72,000 and a credit to Finished Goods Inventory $72,000 A credit to Work in Process Inventory O $72,000 and a debit to Finished Goods Inventory $72,000 A credit to Finished Goods Inventory O $72,000 and a debit to cost of goods sold $72,000 None of the above

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9EA: A new company started production. Job 10 was completed, and Job 20 remains in production. Here is...

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Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending balance of $3,000. How much direct labor was incurred if the records also show :
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A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
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The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100
The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for
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Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Prepare journal entries for the following: Completion of Job 113. Date To transfer Job 113 to Finished Goods Inventory. Completion and sale of Job 85. Date To transfer Job 85 to Finished Goods Inventory. Date To record cost of goods sold for Job 85. Date To record sale of Job 85 on account.
The journal entry to record the completion of Job No.114 at a cost of $174,000 would include: * A debit to Work in Process Inventory $174,000 and a credit to Cost of Goods Manufactured $174,000 A debit to Work in Process Inventory $174,000 and a credit to Finished Goods Inventory $174,000 A credit to Work in Process Inventory $174,000 and a debit to Finished Goods Inventory $174,000 None of the above
A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold…
Clemens Cars' job cost sheet for Job A40 shows that the cost to add security features to a car was $15,500. The car was delivered to the customer, who paid $20,200 in cash for the added features. What journal entries should Clemens record for the completion and delivery of Job A40? View transaction list Journal entry worksheet < 1 2 3 Record transfer of cost of completed job to Finished Goods. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Job 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on account for $4,500. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113. fill in the blank ec5974fe0f8f04b_2 fill in the blank ec5974fe0f8f04b_3 fill in the blank ec5974fe0f8f04b_5 fill in the blank ec5974fe0f8f04b_6 B. Completion and sale of Job 85. fill in the blank ac9efe072f91fff_2 fill in the blank ac9efe072f91fff_3 fill in the blank ac9efe072f91fff_5 fill in the blank ac9efe072f91fff_6 fill in the blank ac9efe072f91fff_8 fill in the blank ac9efe072f91fff_9 fill in the blank ac9efe072f91fff_11 fill in the blank ac9efe072f91fff_12 fill in the blank ac9efe072f91fff_14 fill in the blank ac9efe072f91fff_15 fill in the blank ac9efe072f91fff_17 fill in the blank ac9efe072f91fff_18