Which of the following is included in the entries to record the sale of a job costing $5,000 to produce? Question 7 options: Finished Goods Inventory 5,000 Work in Process Inventory 5,000 Cost of Goods Sold 5,000 Work in Process Inventory 5,000 Work in Process Inventory 5,000 Finished Goods Inventory 5,000 *Cost of Goods Sold 5,000 Finished Goods Inventory 5,000

Journal entry represents the account where the financial transactions are recorded initially. The…

Answered: Which of the following is included in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Select the relevant information from the following, and calculate the cost of goods available for sale: Inventories Opening Closing Materials $100 $120 $30 $600 Work in process $60 Finished goods $500 Total manufacturing costs were $5 390. Cost of goods available for sale is: Group of answer choices $5 300 $5 920 $5 320 $5 900
Please use excel to create a Schedule of Cost of Goods Manufactured below using the following date; Beginning raw materials inventory Beginning work-in-process inventory Beginning finished goods inventory Raw Materials Purchased Wages Paid Applied Manufacturing Overhead Ending raw materials inventory Ending work-in-process inventory Ending finished goods inventory 40,000 70,000 250,000 285,000 155,000 450,000 50,000 100,000 225,000
Product Cost Flows Complete the following T-accounts: Materials Inventory 480 Answer Answer 18,120 250 Wages Payable 9,000 450 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 75 Answer Answer 18,000 4,500 0 Work in Process Inventory 1,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer
Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer Answer 18,120 250 Wages Payable 9,000 1,050 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 175 Answer Answer 18,000 4,500 0 Work in Process Inventory 3,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer Save AnswersNext
What is the journal entry to record a sale of a completed job for $10,000 with terms of n/60. Group of answer choices debit work in process for $6,000, credit cost of goods sold $10,000 debit finished goods for $10,000; credit cash for $10,000 debit sales for $10,000; credit accounts receivable for $10,000 debit accounts receivable for $10,000, credit sales for $10,000.
ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. **Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500**** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?
Foxburg Company has the following information: Work-in-Process Finished Goods Materials Beginning inventory $ 300 $ 400 $ 500 Ending inventory $ 700 $ 900 $ 1,500 Purchases of materials $ 7,700 Cost of Goods Sold $ 15,600 Manufacturing overhead $ 4,300 What was the direct labor for the period?
Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000 Total manufacturing costs added to production $ 200,000 Ending work in process inventory $ 44,000 What is the cost of goods manufactured?
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $23,000 $31,000 Work-in-Process Inventory 44,000 37,000 Finished Goods Inventory 20,000 22,000 Data Table Other information: Purchases of direct materials $76,000 Direct labor 89,000 Manufacturing overhead 42,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For…
Complete the information in the cost computations shown here: Raw materials Beginning inventory $344 Purchases 1,532 Materials available for use Ending inventory 323 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,537 Overhead applied Manufacturing costs incurred $22,468 Ending inventory 937 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,029 Ending inventory Cost of goods sold $21,814
1. Answer the following guestions by analysing the T-accounts given below. Materials Inventory Work in Process Inventory Beg. balance $ 20,000 $ 18,000 360,000 Beg. balance 230,000 Ending balance $ 14,000 400,000 Ending balance $ 25,000 Finished Goods Inventory Direct Labor $225,000 $230,000 Beg. balance $ 98,000 Ending balance $ 5,000 Ending balance $110,000 Cost of Goods Sold Manufacturing Overhead $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor sts f) Total manufacturing costs charged to the Work in Process Inventory account during the current year
Use the cost information below for Sundar Company to determine the cost of goods manufactured during the current year: Direct materials used $19,000 Direct labor used 24,500 Factory overhead Beginning work in process 55,100 10,700 inventory Ending work in process 11,300 inventory Multiple Choice $98,600. $43.500. $98.000. $42,900. $79,000.

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	Finished Goods Inventory 5,000 Work in Process Inventory 5,000
	Cost of Goods Sold 5,000 Work in Process Inventory 5,000
	Work in Process Inventory 5,000 Finished Goods Inventory 5,000
	*Cost of Goods Sold 5,000 Finished Goods Inventory 5,000