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Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June....

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct labor usage is:

Direct materials used $ 107,000
Direct labor used 180,000
Predetermined overhead rate (based on direct labor) 155 %
Goods transferred to finished goods 452,000
Cost of goods sold 464,000
Credit sales 830,000

  • Debit Work in Process Inventory $180,000; credit Cash $180,000.

  • Debit Factory Wages Payable $180,000; credit Cash $180,000.

  • Debit Work in Process Inventory $180,000; credit Factory Wages Payable $180,000.

  • Debit Cost of Goods Sold $180,000; credit Factory Wages Payable $180,000.

  • Debit Work in Process Inventory $180,000; credit Raw Materials Inventory $180,000.

2.

The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production with respect to conversion for August using the weighted-average inventory method.

Units of
Product		 Percent of Conversion Added
Beginning Work in Process 207,000 70 %
Units started 550,000 100 %
Units completed 613,100 100 %
Ending Work in Process 143,900 70 %

Multiple Choice

  • 858,730

  • 613,100

  • 757,000

  • 758,000

  • 713,830

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Homework Answers

Answer #1

Dazzle , Inc.

Answer : Work in process inventory $180,000; credit factory wages payable $180,000
Explanation : When wages used is applied to the production work in process account is debited and factory wages payable account is credited.
2. Breakfast cereal maker
Units completed 613100
(+) Ending work in process equivalent units [ Ending work in process units * % Completion ] 100730
Equivalent units of production 713830
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