Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

DI Question 33 1 pts Que Corporation uses a process cost accounting system. The company manufactured certain goods at a cost of $800 and sold

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
DI Question 33 1 pts Que Corporation uses a process cost accounting system. The company manufactured certain goods at a cost of $800 and sold them on credit to Are Corporation for $1,075.The complete journal entry to be made by Que at the time of this sale is: Debit Accounts Receivable $1.075: credit Sales $1.075:debit Cost of Goods Sold $800: credit Finished Goods Inventory $800 Debit Accounts Receivable $1,075: credit Sales $275: credit Finished Goods Inventory $800. Debit Cost of Goods Sold $1,075; credit Sales $1.075 Debit Finished Goods Inventory $800, debit Sales Debit Accounts Receivable $1.075; debit Selling expense $800- credit Sales $1,075: credit Cost of Goods Sold $800. $1.075: credit Accounts Receivable $1,075; credit Cost of Goods Sold $800 Question 34 1 pts Embark produces mulch for landscaping use. The following information summarizes production operations for June.The journal entry to record June production activities for direct labor usage is: Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transferrud to linishud goods Cost of goods sold Credit sales S87,000 160,000 155% 432.000 444,000 810,000 | Debit Factory Payroll $160.000 credit Cash $160,000 Debi Goods in Process Inventory $160000 credic actory Pevrol Debit Cost of Goods Sold $160.000, credit Factory Payrol $,60000 Debit Goods in Process Inventory $160.000.credit Raw Materials Inventory $160,000 Debit Goods in Process Inventory $160.000 credit Cash $160,000 $160.000 Question 35 1 pts Embark produces mulch for landscaping use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is: $87,000 160,000 155% 432.000 444,000 810.000 Direct materials used Direct labor used Predctermined overhcad rate (based on direct labor) Goods transferred to finished goods Cost of goods sold Credit sales Debit Factory Overhead $248,000, credit Cash $248,000 Debit Goods in Process Inventory $160,000, credit Factory Payroll $160.000 Debit Goods in Process Inventory $248.000: credit Factory Overhead $248,000 Debit Goods in Process Inventory $160.000 credit Factory Overbead $160,.000 Debit Goods in Process Inventory $160,000, credit Cash $160,000 1 pts Question 36 During March, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of the units transferred, 25.000 were in process at the beginning of March and 110,000 were started and completed in March, March's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to labor. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to labor, compute the number of units transferred to finished goods 110,000 135,000, 105,000 165,000 144,000

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

Auditor Because Freaking Miracle Worker Is Not A Job Title

Authors: Auditor Publishing

1st Edition

B0863X5YGQ, 979-8624478718

More Books

Students also viewed these Accounting questions