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Tomtit [17]
2 years ago
6

Crawford Corporation incurred the following transactions.

Business
1 answer:
-BARSIC- [3]2 years ago
6 0

Answer:

Crawford Corporation

Journal Entries:

1. Debit Raw materials inventory $53,800

Credit Accounts payable $53,800

To record the purchase of raw materials on account.

2. Debit Work-in-Process $28,000

Debit Manufacturing overhead $8,500

Credit Raw materials inventory $36,500

To record the requisition of materials.

3. Debit Factory Wages $61,900

Credit Factory Wages Payable $50,000

Credit Employer Payroll Taxes Payable $11,900

To record the factory labor costs.

4. Debit Work-in-Process $54,900

Debit Manufacturing overhead $7,000

Credit Factory Wages $61,900

To record the direct and indirect labor costs.

5. Debit Manufacturing overheads $82,300

Credit Accounts payable $82,300

To record overheads incurred on account.

6. Debit Depreciation expense $9,000

Credit Accumulated depreciation -office building $9,000

To record depreciation expense.

7. Debit Work-in-Process $87,840

Credit Manufacturing overheads $87,840

To record overhead applied at the rate of 160% of direct labor cost.

8. Debit Finished Goods Inventory $96,600

Credit Work-in-Process $96,600

To record the transfer of goods to finished goods.

9. Debit Cost of Goods Sold $79,400

Credit Finished Goods Inventory $79,400

To record the cost of goods sold.

9. Debit Accounts Receivable $106,800

Credit Sales Revenue $106,800

To record the sale of goods on account.

Explanation:

Journal entries are used by Crawford Corporation to record its business transactions as they occur daily.  They are the first records of business transactions in the accounting books.  They show the accounts to be debited and the others to be credited.

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3 years ago
A company uses a process cost accounting system. Its Sewing Department's beginning inventory consisted of 50,000 units (1/4 comp
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Answer:

B Direct Materials 210,000; Conversion Cost 180,000

Explanation:

beginning inventory 50,000

start and finished   120,000

Complete and trasnferred-out 170,000

Convesion Cost:

Coplete and transferred-out     170,000

Ending Inventory 40,000 x 1/4 = 10,000

CC equivalent units                  180,000

DIrect Materials

Coplete and transferred-out         170,000

Ending Inventory 40,000x100%  = 40,000

DM equivalent units                       210,000

<u>Under W-A method we justdiscriminate on transferred-out and ending work in process.</u>

We don't do the difference between started and finished and beginning inventory.

8 0
3 years ago
Calculate the values for each of the questions. Assume that in each country there are no taxes, international trade, or inflatio
Inessa [10]

Explanation:

a. The computation is shown below:

As we know that

Multiplier = 1 ÷ 1 - MPC

1.5  = 1 ÷ 1 - MPC

So, MPC is 0.3333

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= Multiplier × Government spending

= 0.3333 × $70 billion

= $105 million

So the change in real GDP is

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b. The computation is shown below:

As we know that

Multiplier = 1 ÷ 1 - MPC

Multiplier  = 1 ÷ 1 - 0.6

So, multiplier is 2.5

Now the real GDP is

= Multiplier × Government spending

= 2.5 × $16 billion

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c. As we know that

Real GDP = Multiplier × Government spending

$280 billion = Multiplier × $70 billion

So, the multiplier is 4

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Multiplier = 1 ÷ 1 - MPC

4 = 1 ÷ 1 - MPC

So, the multiplier is 0.75

3 0
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Answer:

D) None of the above is included in Japanese GDP.

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A country's GDP includes the value of all the finished and legal goods and services produced in an economy during one year.

GDP = consumption + investment + government spending + net exports

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Answer:

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