Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer 3 requirements and label each part clearly Question Help Portrait, Inc. is a manufacturer of digital cameras. It has two departments: assembly and

Please answer 3 requirements and label each part clearly
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question Help Portrait, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $850,000 on direct materials and $790,000 on conversion costs, for a total manufacturing cost of $1,640,000. During February 20,000 cameras are placed into production, but only 19,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 75% complete as to conversion Ac costs. (Click the icon to view the data on the cameras.) Go Read the requirement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. (Record debits first, then credits. Exclude explanations from any journal entries.) Resum ver Begin by recording the purchase and use of direct materials. Journal Entry Debit Credit Accounts Date W16 Interm JE 1 Pla amu number in the input fields and then click Check Answer cameras. However, on average, these remaining 1,000 cameras are costs. matenal only 75% complete as to (Click the icon to view the data on the cameras.) Read the requirement Prepare summary journar entries Tor tne use or airect matenais and incurrence or conversion costs. (Kecora aeoits Trst, tnen Exclude explanations from any journal entries.) Begin by recording the purchase and use of direct materials. Journal Entry Date Accounts Debit Credit JE 1 am s 5, Choose from any list or enter any number in the input fields and then click Check Answer ,600 000 Check Answer Clear All parts remaining JUN 1 1 17 n,But only 19,000 cameras are fully completed at the end of the month. All dire Of $1,640,000. Dur 1,000 cameras. However, on average, these remaining 1,000 cameras are only 75% com iew the data on the cameras.) i Requirement Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of goods completed. Show the postings to the Work in Process account. Done Print t or enter any number in the input fields and then click Check Answer. Check Ans Question Help Portrait, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $850,000 on direct materials and $790,000 on conversion costs, for a total manufacturing cost of $1,640,000. During February 20,000 cameras are placed into production, but only 19,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 75% complete as to conversion costs. (Clic Reference Read the Prepare Exclude ats Direct Materials Conversion Costs Total Ress Begin by 790,000 850,000 $ Costs incurred during the period 19,750 20,000 in current period Equivalent units of work done 82.50 40.00 $ 42.50 $ Date Cost per equivalent unit WIT JE 1 Interm Done Print irstdo and then click Check

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

Audit And Management Of The Company

Authors: Trésor Ilunga KAMPELA, Bernard KAYIMBW MANETA

1st Edition

6205405253, 978-6205405253

Students also viewed these Accounting questions

Question

What is the content of SOX Section 104(b)? 105(c)(4)?

Answered: 1 week ago

Question

Conduct an effective performance feedback session. page 360

Answered: 1 week ago