gross domestic product understates the total production of final goods and services because of the omission of

Preparing job order costing journal entries

trasher [3.6K]

Answer:

Item a

Debit : Website expenses $2,000

Credit : Cash $2,000

Item b

Debit : Work in Process : Direct labor $11,250

Debit : Work in Process : Indirect labor $3,750

Credit : Wages Payable $15,000

Item c

Debit : Raw Materials $24,000

Credit : Accounts Payable $24,000

Item d

Debit : Work in Process : Direct Materials $7,500

Debit : Work in Process : Indirect Materials $5,000

Credit : Raw Materials $12,500

Item e

Debit : Work in Process : Depreciation $18,000

Credit : Accumulated depreciation $18,000

Item e

Debit : Work in Process : Pant Insurance $1,500

Credit : Prepaid insurance $1,500

Item e

Debit : Work in Process : Property tax $3,900

Credit : Property Tax Payable $3,900

Item f

Debit : Overheads $11,250 x 200% $22,500

Credit : Work in Process $22,500

Item g

Debit : Finished Goods Inventory $40,000

Credit : Work in Process $40,000

Item h

Debit : Accounts Receivables $22,000

Debit : Cost of Sales $18,000

Credit : Sales Revenue $22,000

Credit : Finished Goods Inventory $18,000

Explanation:

The journals for the transactions have been prepared above.

4 0

3 years ago

As of june 30, 2019, great adventures finishes its first 12 months of operations. if suzie wants to prepare financial statements

wariber [46]

As of June 30, 2013, Great Adventures finishes its first 12 months of operations. If Suzie wants to prepare financial statements, part of the process would involve allowing for uncollectible accounts receivable

5 0

3 years ago

Poland's Paints allocates overhead based on machine hours. Selected data for the most recent year follow.Estimated MOH $238,000A

Ulleksa [173]

Answer:

B.) $11.90

Explanation:

Predetermined manufacturing overhead rate are based on the estimates made by the company.

So the calculation should be:

Estimated MOH of $238,000 divided by Estimated Machine Hours of 20,000.

Giving us the result of $11.90

(238,000 / 20,000 = 11.90)

7 0

3 years ago

Grand Lips produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip

77julia77 [94]

Answer:

a. see attachment

b.

total equivalent units : Materials = 30,500 units and Conversion Costs = 16,860

cost per equivalent unit : Materials = $0.14 and Conversion Costs = $0.30

c.

(a) units completed and transferred to Finished Goods = $6,732

(b) units still in process at June 30 = $1,196

d.

Journals

Work In Process :Direct Materials $4,305 (debit)

Raw Materials $4,305 (credit)

Being Raw Materials used in Production

Work In Process :Direct Labor $3,320 (debit)

Salaries Payable $3,320 (credit)

Being Labor used in Production

Work In Process ; Overheads $1,738 (debit)

Overheads $1,738 (credit)

Being Overheads Assigned to Production

Finished Goods $6,732 (debit)

Work In Process $6,732 (credit)

Being Units transferred to Finished Goods

Explanation:

Calculation of Equivalent units of Production in respect with Raw Materials and Conversion Costs

1. Materials

Ending Work In Process (5,200 × 100%) 5,200

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Raw Materials 30,500

2. Conversion Costs

Ending Work In Process (5,200 × 30%) 1,560

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Conversion Cost 16,860

Calculation of Cost per Equivalent unit of production in respect with Raw Materials and Conversion Costs

Unit Cost = Total Cost ÷ Total Equivalent units

1. Materials

Unit Cost = $4,305 ÷ 30,500

= $0.14

2. Conversion Costs

Unit Cost = ($3,320 + $1,738) ÷ 16,860

= $0.30

3. Total unit cost

Total unit cost = Material Cost + Conversion Cost

= $0.14 + $0.30

= $0.44

Calculation of costs assigned to (a) units completed and transferred to Finished Goods and (b) units still in process at June 30.

(a) units completed and transferred to Finished Goods

Total Cost = units completed and transferred out × total unit cost

= 15,300 × $0.44

= $6,732

(b) units still in process at June 30.

Total Cost = Materials Cost + Conversion Cost

= $0.14 × 5,200 + $0.30 × 1,560

= $1,196

8 0

3 years ago

Lance has created three mock-ups for a product logo. he wants to send them to his company's executive team for feedback. the exe

MariettaO [177]

The most efficient way for Lance to distribute the logos "through a site such as Dropbox".

Dropbox is an advanced workspace intended to enable groups to work in a state of harmony and remain in the zone.

Dropbox unites your documents, in one focal place. They're anything but difficult to discover and securely adjusted over the entirety of your gadgets—so you can get to them whenever, anyplace. No all the more squandering the day finding work.

Dropbox is an innovative joint effort space intended to lessen busywork, unite your documents in a single focal place, and securely match up them over the entirety of your gadgets—so you can get to them whenever, anyplace.

5 0

3 years ago