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3 years ago

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Preparing Journal Entries for Process Costing SystemDuring its first month of operation, Portia Company purchased $90,000 of mat

erials on account and requisitioned $64,000 of materials for use in production. The company recorded $30,000 of direct labor cost and applied $20,000 of manufacturing overhead. Prepare Portia’s journal entries to record these events.

1 answer:

babunello [35]3 years ago

7 0

Answer:

a.

Date Account Title Debit Credit

XX-XX-XXXX Raw materials inventory $90,000

Accounts Payable $90,000

b.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process Inventory $64,000

Raw materials inventory $64,000

c.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process inventory $30,000

Wages Payable $30,000

d.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process Inventory $20,000

Manufacturing overhead $20,000

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choli [55]

Answer:

1. $4,100

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Explanation:

1. Calculation to Determine the amount of the accounting adjustment

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2a. Preparation of journal entries to record December 31

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Cr Income tax payable $4,100

2b. Preparation of the Journal entry to record later January 20 payment of the fourth-quarter taxes.

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3 years ago

Johnston Company wants to double production of Product X from 1,000 units to 2,000 units. The variable manufacturing cost per un

ratelena [41]

Answer: C - $30,000

Explanation: Johnston Company wants to double production of Product X from 1,000 units to 2,000 units.

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The selling price per unit is $50

To increase production by 1000 units

Total cost is $10 + $20 = $30

Total incremental cost = 1,000 * $30= $30,000

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3 years ago

Justin is the CEO of Nexon Inc. He works in an open office and encourages his employees to approach his desk any time of day. Ju

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Answer:

The answer is: Democratic management style

Explanation:

This management style is based on the belief that two heads are better than one, and that every employee (no matter position they hold) deserves to have a say.

So managers that follow this style usually encourage their employees to participate and share their ideas and suggestions. They tend to create horizontal organizations, but the final and last decision still belongs to the boss.

Employees usually like this system because they feel they are a valuable and important part of the organization. Many times it leads to higher efficiency and productivity.

As a downside, these organizations tend be more messy (informal) and decision making processes are very time consuming.

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3 years ago

Which of the following is NOT one of the biggest B2C catalogers? a. The Limited b. Sears c. Williams-Sonoma d. JCPenney

Anna71 [15]

Answer:

The correct option is;

a. The Limited

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4 years ago

When a corporation sells all or substantially all of its assets to another corporation, generally,

Svetllana [295]

Answer:

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