1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
S_A_V [24]
3 years ago
6

Zang Co. manufacturs its products in a continuous process involving two departments, Machining and Assembly. The following trans

actions are related to production during June:
(a) Materials purchased (on June 1) on account, $180,000.
(b) Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials.
(c) Direct labor used by Machining, $23,000; Assembly, $47,000.
(d) Depreciation expenses: Machining, $4,500; Assembly, $7,800.
(e) Factory overhead applied: Machining, $9,700; Assembly, $11,300.
(f) Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods.
(g) Sold goods on account, $100,000; cost of goods sold, $68,000.
Business
1 answer:
Zigmanuir [339]3 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

1. Material Inventory Dr, $180,000

      To Accounts Payable  $180,000

(Being Material Purchased on account is recorded)

2. WIP Machining Dept. Dr, $73,000

Manufacturing Overheads Machining Dept.  Dr, $9,000

Manufacturing Overheads Assembly Dept.  Dr, $4,900

        To Material Inventory $86,900

(Being Material issued to departments is recorded)

3. WIP Machining Dept.  Dr, $23,000

WIP Assembly Dept.  Dr, $47,000

        To Wages Payable  $70,000

(Being Direct Labor used is recorded)

4. Manufacturing Overheads Machining Dept.  Dr, $4,500

Manufacturing Overheads Assembly Dept.  Dr, $7,800

        To Depreciation Expense  $12,300

(Being Depreciation allocated is recorded)

5. WIP Machining Dept.  Dr, $9,700

WIP Assembly Dept.  Dr, $11,300

      To Man. Overheads Machining Dept. $9,700

       To Man. Overheads Assembly Dept.  $11,300

(Being Factory overheads applied is recorded)

6. WIP Assembly Dept. Dr, $98,300

      To WIP Machining Dept.  $98,300

(Being WIP Transferred is recorded)

7. Finished Goods Inventory  Dr, $83,400

        To WIP Assembly Dept.  $83,400

(Being Finished goods transferred is recorded)

8. Accounts Receivables  Dr, $100,000

      To Sales  $100,000

(Being Goods sold on account is recorded)

9. Cost of Goods sold  Dr, $68,000

          To Finished Goods Inventory  $68,000

(Being Goods sold is recorded)

You might be interested in
Which component of the atmosphere is predicted to rise in the foreseeable future?
tigry1 [53]
This would be the temperature.  Hope this helps!!!
3 0
3 years ago
Today's consumers do not need to rely on marketer-supplied information about products and services because they can use ________
MariettaO [177]

Answer:

The answer to the question would be C

Explanation:

Without a doubt, the economic crisis has changed the way consumers approach the market for goods and services. In this new era, austerity, discounts and the search in different channels of the best price / benefit ratio dominate.

Of course, technology and the Internet are the best allies of the consumer who wants to be informed: thanks to smartphones, bar scanners, social networks or websites that compare prices or offer discounts, we are the buyers with more prior information on what we want or need to acquire.

4 0
3 years ago
In a planned economy what predicts the demand of goods and services and coordinates the appropriate level of production of these
CaHeK987 [17]

Answer:

The government

Explanation:

In the command economy, the government makes all economic decisions in the country. The command economy is also known as the command centrally planned economy. A central authority, which is the government decides what products will be manufactured, and they will be distributed.

The government makes economic plans for the country that outlines the level of production. It allocates resources required for production as per the plans. The government though its different agencies, owns the factors of production.

8 0
3 years ago
Suppose that in Problem 13 a Type 2 service objective of 95 percent is substituted for the stock-out cost of$ 12.80. Find the re
evablogger [386]

Answer:

(Q, R) = (1555, 1400)

shortage imputed = $0.388

Explanation:

Lot size-reorder point system is one of the multi period models. This system is denoted by decision variables (Q, R). This multi period model is implemented when there is uncertain demand in inventory control.

nevertheless, in the simple EOQ model, demand is known and fixed. But when the demand is random, these lot size-reorder point (Q, R) systems allow random demand.

There are two decision variables in a (Q, R) system:

Order quantity, Q and

Reorder point, R

Additional steps are attached as files

8 0
3 years ago
Authority to conduct open market operations, which consists of buying and selling of , rests with the Committee. Reserves equal
katovenus [111]

Answer:

If the Fed conducts an open market purchase by specifically buying government securities from the Bank, banks' reserves increase and the quantity of money increases.

Explanation:

The Federal Reserve (Fed) buys and sells government securities to control the money supply. This activity is called open market operations (OPO). By buying and selling government securities in the free market, the Fed can expand or contract the amount of money in the banking system and pursue its monetary policy.

To increase the money supply, the Fed will purchase bonds from banks to inject money into the banking system.

The Federal Reserve's latest effort to calm the financial system — pumping $100 billion a day into trillion-dollar funding markets — is intended to be a temporary role, born of necessity. But it may turn out to be a significant expansion of the Fed's footprint.

3 0
3 years ago
Other questions:
  • Elroy Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month lat
    6·1 answer
  • Which is the most common ethical dilemma that financial planners face? A. method of meeting their clients B. method of charging
    7·1 answer
  • Sanders Enterprises arranged a revolving credit agreement of $9,000,000 with a group of banks. The firm paid an annual commitmen
    9·1 answer
  • What contribution did beer production make to the process of bread making?
    7·1 answer
  • A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a
    10·1 answer
  • _____ is a form of financial exchange that involves the use of checks.
    12·2 answers
  • August 1 M. Harris, the owner, invested $8,000 cash and $34,400 of photography equipment in the company. August 2 The company pa
    12·1 answer
  • Differences in personalities among individuals?
    5·1 answer
  • How long will it take my investment to grow calculator
    11·1 answer
  • 3. You work for a small store called Home Grown Goods that sells organic snack foods and
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!