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3 years ago

Assume the following data for Casper Company before its year-end adjustments:

Business

1 answer:

Ratling [72]3 years ago

5 0

Answer:

a. Journalize the adjusting entry for the estimated customer allowances.

Dr Sales returns and allowances 10,500
Cr Customer refunds payable 10,500

The adjusting entry should = total sales x estimated percent of returns = $1,750,000 x 0.6% = $10,500

b. Journalize the adjusting entry for the estimated customer returns.

Dr Estimated returns inventory 8,000
Cr Cost of merchandise sold 8,000

This amount is given in the question, $8,000, so you need to record it as a decrease in COGS and an increase in returns inventory.

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2 years ago

You have been asked to estimate the market value of an apartment complex that is producing annual net operating income of $44,50

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3 years ago

Cantor Company had 1,100 units of product in its Work in Process inventory at the beginning of the period. During the period Can

Helen [10]

Answer:

Amount to be transferred out of Work in process = 5,400 units * $63.13

= $340,902

Explanation:

Finished goods

opening 1,100

production 5,300

closing - 1,000

Finished good = 5,400 units

Completed goods = finished goods transferred + 20% complete WIP

= 5,400 + 200 units (1000*20%)

= 5,600 units

Total cost = $2,540 + $351,000

=$353,540

Cost per unit = Total cost / Completed goods

= $353,540 /5,600 units

= $63.13

Even though the 200 units (1000*20%) are completed and are included in calculating the cost per unit but they are not transferred to the finished goods only 5,400 units are transferred to finished goods.

The only reason for the 200 units inclusion on calculating the cost per units is that they are complete and in the total cost they are included as they were incurred alongside the 5400 units transferred.

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4 years ago

ACCOUNT TITLE

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4 0

3 years ago

[The following information applies to the questions displayed below.] The following information is available for Lock-Tite Compa

S_A_V [24]

Answer:

raw materials 210,000 debit

cash 210,000 credit

-- to record purchase of materials--

factory overhead 80,000 debit

WIP inventory 265,000 debit

cash 345,000 credit

-- to record payment and allocationf of wages --

factory overhead 15,000 debit

WIP inventory 186,000 debit

inventory 201,000 credit

--to record use and allocationf of materials--

factory overhead 120,000 debit

accoutns payable 120,000 credit

-- to record other overhead expenses--

WIP 185,500 debit

factory overhead 185,500 credit

--to record applied overhead--

finished goods 625,400 debit

WIP 625,400 credit

--to record trasnferred-out goods--

cash 1,400,000 debit

sales revenue 1,400,000 credit

--to record sales revenue--

COGS 652,800‬ debit

inventory 652,800 credit

--to record COGS for the period--

COGS 14,500 debit

factory overhead 14,500 credit

--to record underapplied overhead--

Explanation:

for the use of materials:

Beginning Raw Materials 43,000

Purchases 210,000

Ending Raw materials (52,000)

Used: 201,000

Indirect materials (15,000)

direct materials: 186,000

applied overhead

265,000 direct labor x 70% = 185,500

transferred out:

Beginning WIP 10,200

cost added <u> 636,500 </u>

total cost 646,700

ending WIP (21,300)

COGM 625,400

COGS

63,000 + 625,400 - 35,600 =652.800‬

adjusmtent for overhead:

applied 185,500

actual overhead: 200,000

underapplied for 14,500

5 0

3 years ago