Lowes Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags
Question:
Lowes Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes production operations for October. |
Bagging Department | |||
Direct materials used |
$ |
230,000 | |
Direct labor used |
$ |
38,000 | |
Predetermined overhead rate (based on direct labor) |
120 |
% | |
Goods transferred from bagging to finished goods |
$ |
(203,500 |
) |
|
The company's revenue for the month totaled $450,000 from credit sales, and its cost of goods sold for the month is $250,000. |
(1) |
Prepare journal entry dated October 31 to record its October production activities for direct material usage.(Omit the ""$"" sign in your response.)
2.Exercise 16-8 Computing equivalent units of production-weighted average L.O. C2
3.Exercise 16-9 Costs assigned to output and inventories-weighted average L.O. C2, P4
2. ng the weighted-average method, assign April's costs to the department s output specifically, its units transferred to finished goods and its ending goods in process inventory. (Round your intermediate calculations an 4.Exercise 16-10 Computing equivalent units of production-FIFO L.O. C4
d final a 5.Exercise 16-11A Costs assigned to output-FIFO L.O. C4, P4
Problem 16-1A Production cost flow and measurement; journal entries L.O. P1, P2, P3, P4 [The following information applies to the questions displayed below.]
6. Problem 16-1A Part 1
7.Problem 16-1A Part 2
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Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta