Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started