Question

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

10-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 material usage is:

Direct materials used $ 90,000
Direct labor used 163,000
Predetermined overhead rate (based on direct labor) 155 %
Goods transferred to finished goods 435,000
Cost of goods sold 447,000
Credit sales 813,000

Multiple Choice

Debit Work in Process Inventory $90,000; credit Raw Materials Inventory $90,000.

Debit Work in Process Inventory $90,000; credit Cost of Goods Sold $90,000.

Debit Cost of Goods Sold $90,000; credit Finished Goods Inventory $90,000.

Debit Raw Materials Inventory $90,000; credit Finished Goods Inventory $90,000.

Debit Raw Materials Inventory $90,000; credit Accounts Payable $90,000.

11- Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,600 of direct materials and used $4,100 of direct labor. The job was not finished by the end of the month, but needed an additional $3,100 of direct materials in October and additional direct labor of $6,600 to finish the job. The company applies overhead at the end of each month at a rate of 150% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October?

$23,700

$32,450

$16,400

$29,400

12-During November, the production department of a process operations system completed and transferred to finished goods 23,000 units that were in process at the beginning of November and 130,000 units that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 50% complete with respect to conversion. At the end of November, 31,000 additional units were in process in the production department and were 100% complete with respect to materials and 55% complete with respect to conversion. Compute the number of equivalent units with respect to materials for November using the weighted-average method.

31,000.

147,050.

122,000.

184,000.

153,000.

Homework Answers

Answer #1

Solution 10:

The journal entry to record June production activities for direct material usage is:

Work in Process Inventory Dr $90,000

To Raw Materials Inventory $90,000

Hence, first option is correct..

Solution 11:

Amount of job costs added to Work in Process Inventory during October

= $3100 + $6600 + ($6600*150%) = $3100 +$6600 + $9900

= $19,600

Hence $19600 is the correct answer. (However, It is not available in question's options)

Solution 12:

Equivalent units with respect to materials (Weighted Average method)

= (Total Units Completed and Transferred *100%) + Ending units in process *% completed with respect to material

= (23000 +130000)*100% + 31000*100%

= 153000 + 31000

= 184,000 units

Hence 4th option is correct.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
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 overhead allocation is: Direct materials used $ 94,000 Direct labor used $ 167,000 Predetermined overhead rate (based on direct labor) 154 % Goods transferred to finished goods $ 439,000 Cost of goods sold $ 451,000 Credit sales $ 880,000 Multiple Choice Debit Work in Process Inventory $167,000; credit Factory Wages $167,000. Debit Work in Process...
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 overhead allocation is:   Direct materials used $ 106,000   Direct labor used 179,000   Predetermined overhead rate (based on direct labor) 162 %   Goods transferred to finished goods 451,000   Cost of goods sold 463,000   Credit sales 1,000,000 Multiple Choice Debit Work in Process Inventory $179,000; credit Cash $179,000. Debit Work in Process Inventory $179,000; credit Factory Payroll...
Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations and sales...
Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations and sales activities for June. The journal entry to record June sales is: Direct materials used $ 82,000 Direct labor used $ 150,700 Predetermined overhead rate (based on direct labor) 120 % Goods transferred to finished goods $ 452,000 Cost of goods sold $ 464,000 Credit sales $ 846,000 Multiple Choice Debit Accounts Receivable $846,000; credit Cost of Goods Sold $846,000. Debit Accounts Receivable $846,000; credit...
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 material usage is: Direct materials used $88,000 Direct labor used 161,000 Predetermined overhead rate (based on direct labor) 150% Goods transferred to finished goods 433,000 Cost of goods sold 445,000 Credit sales 811,000
During November, the production department of a process operations system completed and transferred to finished goods...
During November, the production department of a process operations system completed and transferred to finished goods 20,000 units that were in process at the beginning of November and 130,000 that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 70% complete with respect to conversion. At the end of November, 33,000 additional units were in process in the production department and were 100% complete with respect to materials and 65% complete...
During November, the production department of a process operations system completed and transferred to finished goods...
During November, the production department of a process operations system completed and transferred to finished goods 22,000 units that were in process at the beginning of November and 140,000 units that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 70% complete with respect to conversion. At the end of November, 36,000 additional units were in process in the production department and were 100% complete with respect to materials and 50%...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 795,000 units of product to finished goods. At the end of November, the work in process inventory consists of 186,000 units that are 40% complete with respect to conversion. Beginning inventory had $510,120 of direct materials and $65,205 of conversion cost. The direct material cost...
During April, the production department of a process manufacturing system completed a number of units of...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the...
[The following information applies to the questions displayed below.] During April, the production department of a...
[The following information applies to the questions displayed below.] During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 82,000 were in process in the production department at the beginning of April and 328,000 were started and completed in April. April's beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT