Question: 1) Prepare the following journal entry Work in Process beginning balance - $10,500 Finished Goods beginning balance - $5,600 Raw materials purchased on account $65,000.

1) Prepare the following journal entry

Work in Process beginning balance - $10,500

Finished Goods beginning balance - $5,600

Raw materials purchased on account $65,000.

2) Prepare the following journal entry An amount of $59,000 was transferred out of Raw Materials.

Direct materials were 85% and indirect materials were 15%.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Prepare a 10- to 12-slide presentation for your manager with recommendations about communication management plans. In your presentation, include the following: Identity the 3 communication tools you...

Q:

1. The following information was taken from the balance sheet of Berkshire Corporation on June 30, 2015: Preferred stock, 8%, $100 par value, . . . . . . . . $3,000,000 Common stock, $10 par value,...

Q:

1. The following information was taken from the balance sheet of Berkshire Corporation on June 30, 2015: Preferred stock, 8%, $100 par value, . . . . . . . . $3,000,000 Common stock, $10 par value,...

Q:

How do you prepare the following journal entries needed after the beginning balance? Global Bike, Inc. 1a (Excel) 2015 WINT ACCY 310 - Accounting Systems Due, Monday, Jan 12, 8am Estimated time to...

Q:

Questions: Prepare the following journal entries 1. Transition of WIP 3 goods to Finished Goods 2. Sale of Basic vacuums Jackson's Vacuum company makes two types of vacuums: Basic and Advanced. The...

Q:

At the beginning of the year, the company estimated manufacturing overhead for the year would be $240,000 and machine hours would be 8,000. The following information pertains to December of the...

Q:

Write your answer in the space provided. 1) Hardrock Company uses job costing. Hardrock Company has two departments, Sanding and Finishing. Manufacturing overhead is allocated based on direct labor...

Q:

ezto.mheducation.com C myLU Lu Homework: Job Order Costing Assignment M Question 5 - Homework: Job Order Costing Assignme. Job Order Costing Assignment i Saved Help Check my work mode : This shows...

Q:

answer for a thumbs up Kenworth Company uses a job-order costing system, Only three jobs-Job 105, Job 106, and Job 107-were worked on during November and December. Job 105 was completed on December...

Q:

Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107-were worked on during November and December. Job 105 was completed on December 10; the other two jobs...

Q:

Direct Materials: Job Cost Sheet Job Number 1 12/1/20 Date Initiated Date completed Item Table Top and Four Legs 12/21/20 Direct Matarials Direct Labor Manufacturing Overhead Rate Amount Amount Hours...

Q:

Suppose 3 1 -2 -1 0 5 -1 -1 4 whose characteristic polynomial is f(t) = -(t-3) (t-2)2. Find the Jordan canonical form B of A. A =

Q:

DAIRY DEN (Pty) Ltd was established in 2015 by Mr. Kane. The company produces and sells stuffed donut stacks. The company has a 30 September year-end and uses an absorption costing system. Budgeted...

Q:

3. The volume of a cone is 320 cm and its base area OPE is ar cm, where r is a prime number. Suggest a value of r and find the corresponding height of the cone.

Q:

Visco and elgawly llc is a startup dedicated

Q:

9. This traditional Mexican soup is made mostly from tripe, hominy, and chili: a. Tortilla soup b. Tomatillo c. Chorizo soup d. Menudo

Q:

3. What techniques do people use to assert power in communication interactions?

Q:

What is the relationship between humans and nature?