-21 Three alternatives of backlash costing: Babylon Industries recordedthe following transactions for May 2020 of operations:1Materials inventory controlAccounts payable24,00024,000To record purchase of direct material19X9 90to2Conversion costs control40,000adaultosVarious accountsabd 40,000 inTo record incurrence of conversion costs3Work in process inventory control64,000Materials inventory control24,000muojConversion costs control40,000To assign material and conversion costs toproduction4Finished goods inventory control64,000Work in process inventory control64,000To record completion of products6Cost of goods sold62,000Finished goods inventory control62,000To record cost of goods sold7Accounts Receivable116,000Sales116,000To record sale of productsRequired: Prepare the journal entries using the three alternatives ofbackflush costing.

I examined the supplied transactions and created journal entries suitable for the just-in-time…

Answered: - 21 Three alternatives of backlash…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2,3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 62,160 39,294 $ 101,454 $ 137,640 413,586 $ 551,226 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 44,400 partially complete gallons, 25 percent complete with respect to conversion costs. ⚫ Units started in July, 88,800 gallons. ⚫ Units transferred out in July, 99,900 gallons. • Ending inventory, 33,300 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations. Cost of goods transferred out total Ending…
keAssignmentSession Locator=&inprogress=false 1 = 0 From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. Oa. $681,120 Ob. $683,125 Oc. $262,350 Od. $233,920 Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $6,192,000 and materials costs were $25 per unit. Planned production included 5,760 hours to produce 18,000 motor drives. Actual production for August was 1,980 units, and motor drives shipped amounted to 1,300 units. Conversion costs are applied based on units of production Previous Update Next
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Print Item Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard %3D Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,100 ladders in July and used 9,200 pounds of material to make these units. Sitka Industries bought 15,600 pounds of material in the curr period. There was a $300 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,600 pounds? Amount paid B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. What if 9,800 pounds were used to make these…
ning services - SQU Libraries - SQU Portal Attendand XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. OMR145,000 O c. OMR120,000 Q d. None of the answers given e. OMR580.000 YZCompany uses normal costing. Following are
A firm uses backflush costing and values inventory using throughput accounting. All actual amounts are equal to budgeted amounts. Total DM $360,000 Total DL $140,000 Total OH $70,000 Total completed and in process 20,000 units Units sold 19,480 Units in process 100 $500 of raw materials are still in the warehouse at the end of the period. Which journal entry appropriately backflushes costs to inventory accounts? Group of answer choices Debit: Finished Goods $7,560 Debit: WIP $1,800 Debit: RM $500 Credit: COGS $9,860 Debit: COGS $9,860 Credit: Finished Goods $7,560 Credit: RIP $2,300 Debit: COGS $9,860 Credit: Finished Goods $7,560 Credit: WIP $1,800 Credit: RM $500 Debit: Finished Goods $7,560 Debit: RIP $2,300 Credit: COGS $9,860
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer
[The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Total units Units 78,000 876,000 760,000 194,000 Units $ 496,080 87,640 3,319,920 1,665, 160 Direct Materials Percent Complete 100% 100% Required: 1. Compute equivalent units of production for both direct materials and conversion. Percent Complete $ 583,7: ( 4,985,0 $ 5,568,80 Equivalent Units of Production (EUP) - Weighted Average Me Direct Materials EUP
Required information Use the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below.] A process manufacturer reports the following: Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Total Units 150,000 310,000 340,000 120,000 Conversion Percent Complete 80% QS 16-5 (Static) Weighted average: Computing equivalent units of production LO P1 25% Compute the total equivalent units of production for conversion. The company uses the weighted average method. Units Equivalent units of production: Weighted average method Conversion Percent Complete EUP
Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…

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