Question
Select the correct Journal entry for the given scenarios: 1. MOH applied to WIP amounted to $20,000. a. Debit MOH Applied by $20,000; Credit MOH
Select the correct Journal entry for the given scenarios:
1. MOH applied to WIP amounted to $20,000.
a. Debit MOH Applied by $20,000; Credit MOH Actual by $20,000
b. Debit WIP by $20,000; Credit MOH by $20,000
c. Debit MOH by $20,000; Credit WIP by $20,000
d. Debit MOH Actual by $20,000; Credit MOH Applied by $20,000
2. Cost of goods manufactured amounted to $30,000 for February 2002.
a. Debit: Cost of Goods Manufactured
b. Debit: Cost of Goods Sold
c. Credit: Work-in-Process
d. Credit: Finished Goods Inventory
3. Material requisitioned to WIP and MOH departments amounted to $10,000 of which $8,000 belongs to Direct Materials.
a. Credit - MOH - $2,000
b. Credit - WIP - $2,000
c. Credit - Materials Inventory - $10,000
d. Credit - WIP - $8,000
4. Zee Corporation sold $50,000 worth of goods for $100,000.
a. Debit Finished Goods Inventory for $50,000
b. Credit Cost of Goods Sold for $100,000
c. Debit Cost of Goods Sold for $50,000
d. Credit Finished Goods Inventory for $100,000
5. Zee Corporation incurred $50,000 labor cost during February 2020 out of which $10,000 was the indirect labor cost.
a. Debit - WIP - $40,000
b. Debit - WIP - $60,000
c. Debit - WIP - $10,000
d. Debit - WIP - $50,000
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