Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

D | Question 5 1 pts The Goods in Process Inventory account for AB Manufacturing follows. Compute the cost of jobs completed and transferred to

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
D | Question 5 1 pts The Goods in Process Inventory account for AB Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Goods in Process Inventory 500 47,100 29,600 15,800 8.900 Beginning balance Direct materials Direct labor Applied overhead Ending balance Finished goods The cost of units transferred to finished goods is $97,000 $105,900. $88,100 $95,200 $92,500 A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used Goods in Process Inventory Finished Goods Inventory Beg Bal 100,800 DM DL Beg Bal 118.200 24.800 301.000 End Bal 131.040 End Bal 142000 Factory Overhead 93.240 90.720 $106,400. $113,120 $30.240 $211,680 $324,800. Question 8 When factory payroll costs for labor are allocated in a job cost accounting system: Factory Payroll is debited and Goods in Process Inventory is credited. Goods in Process Inventory and Factory Overhead are debited and Factory Payroll is credited. Cost of Goods Manufactured is debited and Direct Labor is credited Direct Labor and Indirect Labor are debited and Factory Payrollis credited. Goods in Process Inventory is debited and Factory Payrollis credited. 1 pts D | Question 9 Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll? Debit Payroll Expense $28,900:credit Cash $28,900. Debit PayrollExpense $24,600- debit Factory Overhead $4.300, credit Factory Payroll $28,900. Debit Goods in Process Inventory $24,600; debit Factory Overhead $4. 300, credit Factory Payroll 28,900. Debit Goods in Process Inventory $24,600: debit Factory Overhead $4,300: credit Wages Payable $28.900 Debit Goods in Process Inventory $28,900; credit Factory Payroll $28,900

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_2

Step: 3

blur-text-image_3

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

TS 16949 Insights From A Third Party Auditor With A Process Approach Audit Checklist

Authors: Karen Welch

1st Edition

0873896548, 978-0873896542

More Books

Students also viewed these Accounting questions