Question: Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials,

Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes:

Please explain the answer!!

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!

1. Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing...

. Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $89,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing...

Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $89,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing...

_____ Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and...

Harrington Industries, which uses a process - costing system, had a balance in its Work - in - Process account of $ 8 3 , 0 0 0 on January 1 . The account was charged with direct materials, direct...

Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $138,000 on January 1. The account was charged with direct materials, direct labor, and...

Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $159,000 on January 1. The account was charged with direct materials, direct labor, and...

20 Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and...

Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $113,000 on January 1. The account was charged with direct materials, direct labor, and...

Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and...

Let a1, a2, a3, . .. be the integer sequence defined recursively by (1) a1{ = 0; and (2) For n > 1, an = 1 + a[n/2]. Prove that an = [log2n] for all n Z+.

2. Find out the mean deviation from mean and median from the following series. 0-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80 Age (in years) No. of persons 20 25 32 40 42 35 10 08 Also compute...

Standards of value, rank them in order of largest valuation to lowest valuation amount ( Investment Value, Fair Value, Fair Market Value )

What is the output of the following C program? #include int main () { int a = 5; %3D > printf ("%d", a); return 0; 1; } ) 20 b) 625 ) 5 d) None of the above

Odd man out: Topological sort Algorithm DFS Algorithm Binary search Algorithm BFS Algorithm Prim's Algorithm a) Binary search Algorithm b) BFS Algorithm c) Prim's Algorithm d) Topological sort...

What is the output of the following Python code: print ('CCCCchegg IndiaCC'. strip('C').split('', 0)) a) ['chegg India'] b) ['chegg', 'India'] c) ['hegg IndiaCC'] d) ['chegg','IndiaCC'] www

The evaluation of the pow(a, b, c) function is: a) (a**b)**c b) (a**b) % c c) Error, pow() takes only 2 arguments d) (a**b) and c is ignored.

What is the output of the following code? print (10**2//-3) ) -20 b) 33 ) -33 d) -34

I need solution urgently Case study (2) When training a group of workers, often the challenge for the trainer is ensuring the key messages are getting through to everyone. In larger groups it's not...

6. Develop a circular model, with positive and negative feedback loops, showing the relationships between the following critical variables:

Self-confidence

The number of people commenting on the statement