Refer to the information in PB2-3 for Knight Company. Required: 1. Prepare a journal entry showing the

Question:

Refer to the information in PB2-3 for Knight Company.

Required:

1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion.

2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101.

3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Accounting

ISBN: 978-0078025518

2nd edition

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

See More Books

Question Posted: Feb 27, 2015 09:39 AM

See More Questions

Refer to the information in QS 8-6. Gohan records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Goods in Process Inventory account and to record any...
Refer to the information in M6-8 for Heather Hudson. If she sells 275 bears next month, determine the margin of safety in units, sales dollars, and as a percentage of sales. Selling price per bear...
Refer to the information in question 1. Assume that Sam pays two years preferred dividend requirements during the current year. Would this affect your computation of Pars investment income for the...
1. Resolve Class C 192.168.23.36 /27 2. Design DMZ minimumof 4 servers assigning an IP addressfor all devices 3. List and explain 4 primary servers that will be in the DMZ 4. Resolve Class C 192.168...
What is the deadline by which contributions must be made to a traditional IRA to obtain a tax deduction in the current year?
E20-1 Listed below are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all. Cost allocation Cost driver...
What is a Pareto diagram? How can it be used as a quality control tool for projects? AppendixLO1
Use the ending balances from Problem 10- 27 to prepare a balance sheet.
The ledger of American Company has the following work in process account. Work in ProcessPainting 5/1 Balance 3,690 5/31 Transferred out ? 5/31 Materials 6,820 5/31 Labor 5,262 5/31 Overhead 1,280...
At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 salvage value . Required a. Compute the depreciation...
Knight Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, Knight estimated its total manufacturing overhead cost at $450,000...
Hamilton Custom Cabinet Company uses a job order cost system with overhead applied based on direct labor cost. Inventory balances at the beginning of 2013 follow: Raw materials inventory .... $15,600...
Two water reservoirs A and B are connected to each other through a 40-m-long, 2-cm-diameter cast iron pipe with a sharp-edged entrance. The pipe also involves a swing check valve and a fully open...
(a)The local police station found that the speed of vehicles travelling around the suburb in the 60 km/hour zone varies uniformly between 55 km/hour and 62 km/hour. What is the probability that the...
Consider the following fixed-point iteration: xn+1 = g(xn), where [f(x)] 2 g(x) = x (x + f(x)) f(x)* (a) What is the order of convergence for the method? (e.g. what is p?). Hint: Show that the method...
Problem 1. In a study of infant birth weight and maternal factors, the newborn babies were categorized as being either small size for gestational age (N=201) or normal size (N=2089). The following...
Max 1 page allowed] Consider a DRAM chip of capacity 256 KB and each memory location contains 8 bits. The memory chip is organized in matrix form with equal number of rows and column for each memory...
find the dimensions of a notman window of perimeter 3 9 ft that will admit the greatest possible amount of light. Round answer to two decimal places
Lamar Company reports ending inventory of $\$ 150,000$ on a LIFO basis and also reports a LIFO inventory reserve of $\$ 32,000$. If Lamar had used FIFO rather than LIFO, ending inventory would...
Frontland Advertising creates, plans, and handles advertising campaigns in a three-state area. Recently, Frontland had to replace an inexperienced office worker in charge of bookkeeping because of...
Describe the nature and purpose of safe haven laws. Is there any downside to such laws?
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments: Refining and Blending. Raw materials are introduced...
I think we goofed when we hired that new assistant controller,? said Ruth Scarpino, president of Provost Industries. ?Just look at this report that he prepared for last month for the Finishing...
I think we goofed when we hired that new assistant controller,? said Ruth Scarpino, president of Provost Industries. ?Just look at this report that he prepared for last month for the Finishing...
Series of Compound Interest Techniques The following are several situations involving compound interest. Required: Using the appropriate table, solve each of the following: ( Click here to access the...
If Clark Kelly has recognized gain on an exchange of like-kind property held for investment use, where does Clark report the gain? First on Form 8824, then carried to Schedule D. First on Form 8824,...
An investor put 40% of her money in Stock A and 60% in Stock B. Stock A has a beta of 1.2 and Stock B has a beta of 1.6. If the risk-free rate is 5% and the expected return on the market is 12%,...

Refer to the information in PB2-3 for Knight Company. Required: 1. Prepare a journal entry showing the

Question:

Step by Step Answer:

Req 1 Cost of Job 102 17000 8500 4000 machine hours X 300 37500 Finish...View the full answer

Managerial Accounting

Students also viewed these Managerial Accounting questions