Akabanebashi Company uses backflush costing to account for its manufacturing costs. The trigger points for recording...
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Akabanebashi Company uses backflush costing to account for its manufacturing costs. The trigger points for recording of inventories are the purchase of materials, the completion of products, and sale finished goods. During the month of September 2015, the following transactions occurred: 1. Purchased raw materials on account 2. Requisitioned raw materials to production 3. Direct labor costs incurred 92,000 92,000 40,000 60,000 192,000 4. Manufacturing overhead costs 5. Cost of goods manufactured 6. Completed products sold at 50% mark-up on cost Required: Prepare the journal entries to record the above transactions. 019 num The following transaction occurred in production department of NGV Company. 1. Direct material purchased on credit for P25,000 2. All material used in production department 3. Direct Labor cost incurred was P9,000 4. Overhead applied to production department was $22,000 5. Units completed were of worth P55,000 6. Unit sold were costing P45,500 NGV uses backflush costing method. Required: Sei tu Calculate the finished goods inventory. Compute the work in process inventory. Prepare the T-accounts and post the all necessary entries based on the above transactions. a. b. C. P7-5 ABC & Co Company uses JIT operating system with backflush costing. During the month of October, Direct material costing P100,000 was used for completed work with conversion cost of P500,000. At the end of the month, P100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was $150,000. Required: sora. b. Compute the cost charged to cost of goods sold. Calculate the ending balance of cost of goods sold. Chels Akabanebashi Company uses backflush costing to account for its manufacturing costs. The trigger points for recording of inventories are the purchase of materials, the completion of products, and sale finished goods. During the month of September 2015, the following transactions occurred: 1. Purchased raw materials on account 2. Requisitioned raw materials to production 3. Direct labor costs incurred 92,000 92,000 40,000 60,000 192,000 4. Manufacturing overhead costs 5. Cost of goods manufactured 6. Completed products sold at 50% mark-up on cost Required: Prepare the journal entries to record the above transactions. 019 num The following transaction occurred in production department of NGV Company. 1. Direct material purchased on credit for P25,000 2. All material used in production department 3. Direct Labor cost incurred was P9,000 4. Overhead applied to production department was $22,000 5. Units completed were of worth P55,000 6. Unit sold were costing P45,500 NGV uses backflush costing method. Required: Sei tu Calculate the finished goods inventory. Compute the work in process inventory. Prepare the T-accounts and post the all necessary entries based on the above transactions. a. b. C. P7-5 ABC & Co Company uses JIT operating system with backflush costing. During the month of October, Direct material costing P100,000 was used for completed work with conversion cost of P500,000. At the end of the month, P100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was $150,000. Required: sora. b. Compute the cost charged to cost of goods sold. Calculate the ending balance of cost of goods sold. Chels
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1 Journal entries Purchased raw materials on account Debit Raw Materials Inventory 92000 Credit Accounts Payable 92000 Requisitioned raw materials to ... View the full answer
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Cost Accounting A Managerial Emphasis
ISBN: 978-0136126638
13th Edition
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
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