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LO 5.5The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manufacturing overhead, and $150 od direct labor is which of the following?

Respuesta :

Answer:

Work in progress inventory--- Dr     500

  To Material Inventory ----- Cr                     300

   To Wages payable--------- Cr                     150

   To manufacturing overhead---Cr               50

(As incurred or applied)

Explanation:

As per the journal entry of process costing system, each department record the transfer of material to the other department of production. The amount of inventory transfered to the next department equals the amount listed as transfered on the cost of production report. Overhead costs are accumlated  in a manufacturing overhead account.

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