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started the question need help finishing. i know the first three journal entries are correct need help with the last 2 and the ending WIPI
started the question need help finishing. i know the first three journal entries are correct need help with the last 2 and the ending WIPI and FGI balanced
Required: 1. Prepare journal entries to record (a) the purchase of raw materials on credit to produce 95 units, (b) applied conversion costs to th production of 95 units, (c) actual conversion costs of $895,850 (credit "Various Accounts"), (d) sale of 78 units on credit, and (e) endir inventory and cost of goods sold. 2. Compute the ending balances of Work in Process Inventory and Finished Goods Inventory. Assume each of these inventory accounts began the year with a balance of zero. \begin{tabular}{|l|rr|} \hline \multicolumn{3}{|c|}{ Ending Balances } \\ \hline Work in process inventory & $ & 271,450 \\ \hline Finished goods inventory & $ & 75,650 \\ \hline \end{tabular} Auto-Motion is a lean manufacturer of self-driving wheelchairs. The company budgets $697,000 of conversion costs and 1,700 production hours for this year. The manufacturing of each wheelchair requires 23 production hours and raw materlais costs of $4,450. The company started and completed 95 wheelchalrs during the year and sold 78 . Each wheelchalr is sold for $16,000. Actual conversion costs equal applied conversion costs. Required: 1. Prepare journal entries to record (a) the purchase of raw materials on credit to produce 95 units, (b) applied conversion costs to the production of 95 units, (d) actual conversion costs of $895,850 (credit "Various Account 5 ), (d) sale of 78 units on credit, and ( e ) ending inventory and cost of goods sold. 2. Compute the ending balances of Work in Process inventory and Finished Goods Inventory. Assume each of these inventory accounts began the year with a balance of zero. Complete this question by enteritg your answers in the tabs below. Compute the ending balances of Work in Process inventory and Finished Goods inventory. Assume each of these inventory accounts began the year with a balance of zero Step by Step Solution
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