Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Please answer the following to complete the unit review question. A. The entries to record cost and sale of a finished good on account

1. Please answer the following to complete the unit review question.

A. The entries to record cost and sale of a finished good on account is

-.debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivable

-.debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales

-.debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Sales

-.debit Cost of Goods Sold, credit Finished Goods

B. Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

-.factory overhead costs

-.period costs

-.conversion costs

-.product costs

C. Costs that are treated as assets until the product is sold are

-.product costs

-.period costs

-.conversion costs

-.selling expenses

D.The Jase Company allocates overhead based on a predetermined overhead rate of $9.00 per direct labor hour. Job J904 required 8 tons of direct material at a cost of $600 per ton and took employees who earn $21 per hour a total of 80 hours to complete.

What is the total cost of Job J904? $ ______

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Louise Crawford

6th Edition

1408081709, 978-1408081709

More Books

Students also viewed these Accounting questions