The journal entry to record the use of direct materials in production is to: debit Raw Materials Inventory and credit Work in Process Inventory debit Work in Process Inventory and credit Raw Materials Inventory. debit Raw Materials Inventory and credit Factory Overhead.
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- Please solve this MCQs The journal entry to record actual manufacturing overhead for indirect labor debits Manufacturing Overhead Control and credits Work-in-Process inventory. True FalseIn a job order cost system, a credit to Finished Goods will be accompanied by a debit to: * Cost of Goods Sold. Work in Process Inventory. Cost of Goods Manufactured. None of the aboveCullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…
- Which of the following statements is false? Multiple Choice Work in process inventory included in the balance sheet. Work process inventory includes direct materials used in production. Work in process inventory includes direct labor costs. Work in process inventory includes actual manufacturing overhead costs assigned to jobs worked on during the period.The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.Identify the journal entry for abnormal wastage. a. Dr.Material inventory, Cr.Production overheads b. Dr.Costing profit and loss account, Cr.Work in process inventory c. Dr.Production overheads, Cr.Work in process inventory d. Dr.Material inventory, Cr.Work in process inventory
- The following events occurred over the course of a year at Coronado Corp., which uses a job order costing system: 1. Direct materials purchases totaled $586,000. Coronado Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $133,000 of indirect materials were used in production. Coronado uses a separate Supplies Inventory account for indirect materials. 3. $556,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $684,000. 6. Coronado applies overhead based on a predetermined overhead rate of $24 per machine hour. The company used 48,000 machine hours during the year. 7. During the year, Coronado transferred goods costing $2,430,000 into the Finished Goods Inventory account. 8. Coronado sold products with a manufacturing cost of $2,398,000 to customers during the year.Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 29,000 145,275 92,500 110,000 Credit Completed and transferred to Finished Goods The June 1 work in process inventory includes 4,700 units with $16,040 in materials cost and $12,960 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,200 units were started into production. The June 30 work in process inventory consisted of 8,200…Which of the following statements regarding work in process is not correct? a. Work in process is partially completed inventory. b. None of the given answer. С. Work-in-Process Inventory appears on the year-end balance sheet. d. Work in process consists of direct labor, direct material, and applied manufacturing overhead. e. Work-in-Process Inventory is credited to record direct material used and direct labor incurred.
- In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.The adjusting entry to apply factory overhead to the work in process ending inventory includes a.debiting Finished Goods Inventory and crediting Factory Overhead. b.debiting Work in Process Inventory and crediting Factory Overhead. c.debiting Factory Overhead and crediting Finished Goods Inventory. d.debiting Factory Overhead and crediting Work in Process Inventory.Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.