Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tron Industries produces electronic equipment and uses backflush costing.There are no beginning inventories of raw materials or finished goods.See below for the following data related

Tron Industries produces electronic equipment and uses backflush costing.There are no beginning inventories of raw materials or finished goods.See below for the following data related to the month:

Direct Materials Purchased $500,000.00

Direct Materials Used $498,000.00

Conversion Costs Incurred $734,500.00

Conversion Costs Allocated $720,000.00

Standard DM per Unit $66.40

Standard Conv per Unit $96.00

Units Sold in Period6,250

REQUIRED:

a) Purchase of raw materials journal entry

b) Incur conversion costs journal entry

c) Completion of finished goods journal entry

d) Sale of finished goods journal entry (COGS entry only)

e) Record the over/under allocation of conversion costs journal entry

f) Calculate the # of unsold finished goods (physical quantity)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

a Purchase of raw materials journal entry markdown DR Raw Materials Inventory 500000 CR Cash 500000 ... 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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

14th Edition

978-0132960649, 132960648, 132109174, 978-0132109178

More Books

Students also viewed these Accounting questions

Question

Explain how its religious views are linked to a cultures lifestyle.

Answered: 1 week ago