1. Prepare the journal entries to record the raw materials used in production and the direct labor...
Question:
1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. How many units were completed and transferred to finished goods during the period?
4. Compute the equivalent units of production for materials.
5. Compute the equivalent units of production for conversion.
6. For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
7. For conversion, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
8. What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.)
9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.)
10. What is the cost of ending work in process inventory for materials? (Do not round intermediate calculations.)
11. What is the cost of ending work in process inventory for conversion? (Do not round your intermediate calculations.)
12. What is the cost of materials transferred to finished goods? (Do not round intermediate calculation.)
13. What is the amount of conversion cost transferred to finished goods? (Do not round your intermediate calculations.)
14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
15-a. What is the total cost to be accounted for? (Do not round intermediate calculations.)
15-b. What is the total cost accounted for? (Do not round intermediate calculations.)
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso