Homework Accounting

Question 1

Complete the missing amounts and labels in the T-accounts. i (Click the icon to view the T-accounts.) . . . . . Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process) Work-in-Process Inventory-Cutting Balance, May 1 Transfer out to Direct Materials 54,000 Direct Labor 15,000 Manufacturing Overhead 29,000 Balance, May 31 17,000Friedman Company has a production process that involves three processes. Units move through the processes in this order. cutting, stamping, and then polishing. The company had the following transactions in November: 0 (Click the icon to view the transactions.) Prepare the journal entries for Friedman Company. (Record debits rst, then credits. Exclude explanations from journal entries.) 1. Cost of units completed in the Cutting Department, $11,000 Credit Nov. 30