Lexington Lumber Co. processes rough timber to obtain three grades of finished lumber, A, B, and C.
Question:
Make the journal entry to transfer the finished lumber to separate inventory accounts for eachproduct.
Transcribed Image Text:
Thousand Board Feet 200 300 500 Selling Price per 1,000 Board Feet $200 100 150 Grade
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
Finished Goods x A 82759 Finished Goods x B 62069 Finished Goods x C 155172 Work in Proce...View the full answer
Answered By
Hassan Imtiaz
The following are details of my Professional Experience. Responsibilities Eight years of demanding teaching experience in the field of finance and business studies at Master’s Level. Completion of the given tasks within given time with quality and efficiency. Marketing professional with practical experience in and solid understanding of a diverse range of management applications, including market analysis, sales and marketing, team building and quality assurance. I have excellent skills to approach deal and sustain corporate clients / customers by demonstrating not only extraordinary communication and interpersonal skills but also high caliber presentation, negotiation and closing skills. Manage and follow up the day-to-day activities. Manage and co-ordinate the inventories. Fulfillment of all the tasks assigned.
The following are details of my Areas of Effectiveness. Finance 1. Corporate Finance 2. Advanced Corporate Finance 3. Management of Financial Institutions 4. International Financial Management 5. Investments 6. Fixed Income 7. Real Estate Investment 8. Entrepreneurial Finance 9. Derivatives 10. Alternative Investments 11. Portfolio Management 12. Financial Statement Analysis And Reporting (US GAAP & IFRS) 13. International Financial Markets 14. Public Finance 15. Personal finance 16. Real estate 17. Financial Planning Quantitative Analysis 1. Time Value Of Money 2. Statistics 3. Probability Distribution 4. Business Statistics 5. Statistical Theory and Methods Economics 1. Principles of Economics 2. Economic Theory 3. Microeconomic Principles 4. Macroeconomic Principles 5. International Monetary Economics 6. Money and Banking 7. Financial Economics 8. Population Economics 9. Behavioral Economics International Business 1. Ethics 2. Business Ethics 3. An introduction to business studies 4. Organization & Management 5. Legal Environment of Business 6. Information Systems in Organizations 7. Operations Management 8. Global Business Policies 9. Industrial Organization 10. Business Strategy 11. Information Management and Technology 12. Company Structure and Organizational Management Accounting & Auditing 1. Financial Accounting 2. Managerial Accounting 3. Accounting for strategy implementation 4. Financial accounting 5. Introduction to bookkeeping and accounting Marketing 1. Marketing Management 2. Professional Development Strategies 3. Business Communications 4. Business planning 5. Commerce & Technology Human resource management 1. General Management 2. Conflict management 3. Leadership 4. Organizational Leadership 5. Supply Chain Management 6. Law 7. Corporate Strategy Creative Writing 1. Analytical Reading & Writing Other Expertise 1. Risk Management 2. Entrepreneurship 3. Management science 4. Organizational behavior 5. Project management 6. Financial Analysis, Research & Companies Valuation 7. And any kind of Excel Queries
4.80+
150+ Reviews
230+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Louisville Lumber Co. processes rough timber to obtain three grades of finished lumber, A, B, and C. The company allocates joint costs to the joint products on the basis of market value. During the...
-
Adirondack Bat Co. processes rough timber to obtain three grades of lumber, A, B, and C that are then made into baseball bats. The company allocates joint costs to the joint products on the basis of...
-
A company that manufactures three products a b and c requires two raw materials - labor and material - need to determine the optimal production that maximizes its total profit. A linear program was...
-
The cantilever beam AB shown in the figure is subjected to a concentrated load P at the midpoint and a counterclockwise couple of moment M1 = PL/4 at the free end. Draw the shear-force and...
-
Both the management of Kimmel Instrument Corporation, a small company that follows IFRS, and its independent auditors recently concluded that the company's results of operations will be reliable and...
-
In Problem find the indicated quantities for y = f (x) = 5x 2 y/x; given x 1 = 1 and x 2 = 3
-
Calculate the net present value and investor's rate of return in Example 19.1 if the product life cycle is extended from three to five years. All other input data remain unchanged. Data From Example...
-
Draw the associations that are described by the business rules that follow. Include the multiplicities for each relationship. A patient must be assigned to only one doctor, and a doctor can have one...
-
Mayweather Auto Inc. (Mayweather) sold a new limited-edition SUV to Frakes Ltd. (Frakes) on June 1, for $170,000. The SUV has a normal selling price of $185,000 and thus the price charged to Frakes...
-
In this chapter, we noted that successful economies are more likely to have many failing firms. If a nations government instead made it impossible for inefficient firms to fail by giving them loans,...
-
Assume each of the following conditions concerning the data given: 1. All materials are added at the beginning of the process. 2. All materials are added at the end of the process. 3. Half of the...
-
Cooper Companys joint cost of producing 1,000 units of Product A, 500 units of Product B, and 500 units of Product C is $200,000. The unit sales values of the three products at the split-off point...
-
Reconstruct the PR Club meeting. Your agenda item is the discussion of whether to sponsor a seminar featuring Mr. Grimes, a prominent local leader. Get together with six other members of the class to...
-
The gain margin of a unity feedback control system with the open loop transfer function \(\mathrm{G}(s)=\frac{s+1}{s^{2}}\) is (a) 0 (b) \(1 / \sqrt{2}\) (c) \(\sqrt{2}\) (d) \(\infty\)
-
If \(x=\operatorname{Re}[G(j \omega)]\) and \(y=\operatorname{Im}[\mathrm{G}(j \omega)]\), then for \(\omega ightarrow 0^{+}\), the Nyquist plot for \(\mathrm{G}(s)=1 / \mathrm{s}(s+1)(s+2)\), is (a)...
-
The gain margin (in \(\mathrm{dB}\) ) of a system having the loop transfer function \(\mathrm{G}(s) \mathrm{H}(s)=\frac{\sqrt{2}}{s(s+1)}\) is (a) 0 (b) 3 (c) 6 (d) \(\infty\)
-
Consider the Nyquist diagram for given \(\mathrm{KG}(s) \mathrm{H}(s)\). The transfer function \(\mathrm{KG}(s) \mathrm{H}(s)\) has no poles and zeros in the right half of \(s\) plane. If the \((-1,...
-
Consider the following statements associated with phase and gain margins. 1. They are a measure of closeness of the polar plot to the \(-1+j 0\) point. 2. For a non-minimum phase to be stable it must...
-
Rhine Tools Ltd., a renowned tool maker for sculpting, is considering four projects. Because of the companys risk profile, it has a high cost of capital. a. Calculate the NPV of each project, using a...
-
What is your assessment of the negotiations process, given what you have studied? What are your recommendations for Mr. Reed? You must justify your conclusions
-
Job applicants typically want to find a job that is a good fit. For you personally, what is a good fit? Describe how you will decide whether a job you are offered is a good fit.
-
SDC Inc. has established the following standard cost per unit: Materials4 lb @ $4.50 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.00 Labor-2hr @ $12 per hr . . . ....
-
Marina del Rey Manufacturing Corp. uses a standard cost system that records raw materials at actual cost, records materials price variances at the time that raw materials are issued to work in...
-
On May 1, Sparta Inc. began the manufacture of a new mechanical device known as Alex. The company installed a standard cost system in accounting for manufacturing costs. The standard costs for a unit...
-
Two point charges, -2.4C and 5.616 C, are placed at x = 0 cm and x = 9.7 cm, respectively. Consider the x- axis directed to the right. 1.0p 8a At what point along the x axis is the electric field...
-
As you know, the value of. It is defined as the ratio of the circumference of a circle C divided by its diameter 2r. That is x-C/2. a) Let's assume that you measured a circumference of a circle to be...
-
Figure 3 presents a network where N users are sharing a link of 1 Mbps bandwidth. Users are generating data at a rate of 100 kbps when busy, but are busy generating data only with probability p=0.1....
Study smarter with the SolutionInn App