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Stells [14]
3 years ago
5

Department 1 completed work on 500 units and transferred them to Department 2. The cost of the units was​ $750. What is the jour

nal entry to record the​ transfer?
Business
1 answer:
vaieri [72.5K]3 years ago
8 0

Answer:

                                                                     Dr.       Cr.

Work-in-Process Inventory - Dept. 2:        750

Work-in-Process Inventory—Dept. 1:                    750

Explanation:

All the cost incurred in the department 1 was added in the work in process account of this department. While transferring the product from one department to other the cost of work in process will also be transferred to next department to accumulate all costs associated with the product. At the end the finished goods will be carrying all the cost incurred to manufacture that product. Due debit nature of WIP account the cost in transferred to next department's account by just crediting the WIP of department 1 and debiting WIP of department 2. WIP of Department 1 will be 0 and WIP of department 2 will be $750.

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Answer:

Fixed overhead volume variance   $540   unfavorable

Explanation:

<em>The fixed overhead volume variance is the difference between the budgeted and actual production volume multiplied by the standard fixed production overhead rate per unit.</em>

Overhead absorption rate = Budgeted Fixed overhead/Budgeted units

                                            = 27,000/1000 =$27 per unit

                                                               Unit

Budgeted production                         1000

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Standard fixed overhead cost           $<u>27</u>

Fixed overhead volume variance       <u> $540</u>   unfavorable

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At your first meeting with Alex, you ask to see his most recent financial statements so that you can get an overall assessment o
Anon25 [30]

Answer:

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