contestada

Beginning Inventories are: RM $1,000; WIP $2,500; FG $5,000 What are the journal entries for these inventory transactions? a. Purchased, on credit 10,000 lbs. of flour mix at $.50 per lb. b. Used 8,000 lbs. of flour in production c. A physical inventory of flour reveals an unaccountable shortage of 200 lbs. d. Added $4,000 of direct labor and applied $2,000 of manufacturing overhead to production. e. Completed production of $12,000 of finished goods. f. What are the balances in the Raw Material, WIP and Finished Goods?

Respuesta :

Answer:

                  Raw Materials

Opening Inventory                  $1,000

Purchases (10,000*0.5)            5,000

                                                  6,000

Transfer to production(WIP)     (4,000)

(8000*0.5)  

unaccountable shortage(200*0.5) (100)

Closing Balance of Inventory      1,900

         

                                WIP

opening Inventory                         $2,500

Raw material                                   4,000

Conversion cost:

Direct labor                        4,000

Manufacturing overhead  2,000      6,000

                                                         12,500

Transfer to finished goods           ( 12,000)

Closing Balance of Inventory              500

                             Finished Goods

Opening Invetory                           $5,000

Transfer from WIP                           12,000

Closing Balance of Invetory           17,000

Explanation:

Otras preguntas