Plastic Molding, Inc 's costing system utilizes two cost categories direct materials and conversion costs Each product must pass through the Assembly Department and the Testing Department Direct materials are added at the beginning of production Conversion costs are allocated evenly throughout production Data for the Assembly Department for March are Work in process, beginning inventory, 40 converted 400 units Units started during March 1,200 units Work in process, ending inventory 200 units Work in process, beginning inventory Direct materials $200,000 Conversion costs $200,000 Direct materials costs added during March $2,000,000 Conversion costs added during March $2,500,000 Which of the following journal entries correctly reflects the transfer of goods completed from the Assembly Department to the Testing Department Work in Process Assembly XXX Work in process Testing XXX Work in Process Testing XXX Work in process Assembly XXX Work in Process Assembly XXX Finished Goods Testing XXX Finished Goods Testing XXX Work in process Assembly XXX

The Answer is in the image, click to view ...

Question: Plastic Molding, Inc.'s costing system utilizes two cost categories; direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing

Plastic Molding, Inc.'s costing system utilizes two cost categories; direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for the Assembly Department for March are:

Work in process, beginning inventory, 40% converted	400 units
Units started during March	1,200 units
Work in process, ending inventory	200 units

Work in process, beginning inventory:
Direct materials	$200,000
Conversion costs	$200,000
Direct materials costs added during March	$2,000,000
Conversion costs added during March	$2,500,000

Which of the following journal entries correctly reflects the transfer of goods completed from the Assembly Department to the Testing Department?

Work in Process - Assembly	XXX
Work-in-process - Testing	XXX

Work in Process - Testing	XXX
Work-in-process - Assembly	XXX

Work in Process - Assembly	XXX
Finished Goods - Testing	XXX

Finished Goods - Testing	XXX
Work-in-process - Assembly	XXX

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 General Management Questions!

Golden wheat manufactures flour its costing system utilizes two cost categories, direct materials and conversion costs Each product must pass through Department Xand Department Y. Direct materials...

6. Company costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through Department A and Department B. Data for Department A and Department B for...

The Quince Cock Shop manufactures docks on a highly automated assembly line, its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the...

Hudson Dock Company manufactures boat docks on an assembly line. Its standard costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the...

The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system utilizes two cost categories; direct materials and conversion costs. Each product must pass through...

The Swiss Clock Shop manufactures clocks. Its costing system utilizes two cost categories; direct materials and conversion costs. Each product must pass through the Assembly Department and the...

The Swiss Clock Shop manufactures clocks. Its costing system utilizes two cost categories: direct materials and conversion costs. Each product must pass through the Assembly Department and the...

Obtain the state model for the two-mass system whose equations of motion for specific values of the spring and damping constants are 101 + 81 - 52 + 40x1 - 25x2 = 0 52 - 25x1 + 25x2 -5x1+52 = f(t)

Nandini, Shreya and Ujjwal are partners in a firm. At the time of the division of profit for the year, there was a dispute between the partners. Profit before interest on partners capital was Rs....

5. The lstFriends control contains five items. Which of the following writes the last item to the file associated with the outFile variable? a. outFile.WriteLine(lstFriends.Items(5)) b....

As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes...