Question: Refer to the data in problem 14 B2 Prepare summary journal
Refer to the data in problem 14-B2. Prepare summary journal entries for the use of direct materials, direct labor, and factory overhead applied. Also prepare a journal entry for the transfer of goods completed and transferred. Show the posting to the WIP—Assembly Department account.
Relevant QuestionsConsider the following data for 20X1:Physical UnitsStarted in 20X1 ........... 70,000Completed in 20X1 ........ 115,000Ending inventory, work in process .... 35,000Beginning inventory, work in process . 80,000The beginning ...Consider the potato chip production process at a company such as Frito-Lay . Frito-Lay uses a continuous flow technology that is suited for high volumes of product. At the Plano, Texas, facility, between 10,000 and 10,500 ...Clark Co. uses normal absorption job-order costing. Factory overhead is applied to production at a budgeted rate of 300% of prime costs (direct materials plus direct labor). Clark Co.’s policy is to not prorate any over- ...The Shamrock Paint Company uses a process-costing system. Materials are added at the beginning of a particular process, and conversion costs are incurred uniformly. Work in process at the beginning of the month is 30% ... “I don’t need to know accounting principles because my business is a sole proprietorship.” Comment on this statement.
Post your question