Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help check my work on these problems. From January 2 to January 19, the production supervisor used three requisition forms to remove $2,000 of

Please help check my work on these problems.

image text in transcribed

image text in transcribed From January 2 to January 19, the production supervisor used three requisition forms to remove $2,000 of direct materials from the storeroom. From January 20 to January 31 , two additional requisition forms for $1,000 of direct materials were used. The first three forms revealed that the direct materials were used for Job 101; the last two requisitions were for Job 102. Thus, for January, the cost sheet for Job 101 would have a total of $2,000 in direct materials posted, and the cost sheet for Job 102 would have a total of $100 in direct materials posted. In addition, the following entry would be made: A) debit Accounts Payable $3,000 and credit Materials Inventory $3,000 B) debit Materials Inventory $3,000 and credit Accounts Payable $3,000 C) debit Materials Inventory $3,000 and credit Work-in-Process Inventory $3,000 D) debit Work-in-Process Inventory $3,000 and credit Materials Inventory $3,000 E) none of the above JBW Company uses the FIFO method to compute equivalent units. It has no beginning work in process; 9,000 units are started and completed and 3,000 units in ending work in process are one-third completed as to conversion costs. All material is added at the beginning of the process. If total materials cost is $72,000, the unit materials cost is A) $5.00 B) $6.00 C) $7.00 D) $8.00 E) none of the above

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

Financial Accounting And Reporting

Authors: John McKeith, Bill Collins

2nd Edition

0077138368, 978-0077138363

More Books

Students also viewed these Accounting questions