Bernard Bassuluchi Company uses a job- order costing system and has the following data available: Beginning...
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Bernard Bassuluchi Company uses a job- order costing system and has the following data available: Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of Goods Sold Overhead application rate (based on direct labor cost) $26,000 $64,000 $58,000 $148,000 $82,000 $130,000 $146,000 $292,000 $256,000 125% The journal entry to record the purchase of direct materials would include a OA. Credit to Work - In - Process Inventory for $148,000 OB. Credit to Direct Materials Inventory for $148,000 OC. Debit to Direct Materials Inventory for $148,000 OD. Debit to Work-In-Process Inventory for $82,000 Bernard Bassuluchi Company uses a job- order costing system and has the following data available: Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of Goods Sold Overhead application rate (based on direct labor cost) $26,000 $64,000 $58,000 $148,000 $82,000 $130,000 $146,000 $292,000 $256,000 125% The journal entry to record the purchase of direct materials would include a OA. Credit to Work - In - Process Inventory for $148,000 OB. Credit to Direct Materials Inventory for $148,000 OC. Debit to Direct Materials Inventory for $148,000 OD. Debit to Work-In-Process Inventory for $82,000
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Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
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