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
stellarik [79]
3 years ago
10

In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct mate

rials $111,600 $30,000 $17,200 Direct labor 8,000 13,600 11,600 Applied overhead 8,400 60,400 11,200 Transferred-in cost: From Molding 128,000 From Grinding 232,000 Total cost $128,000 $232,000 $272,000 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system.
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

Required 1 ; Journals

Work In Process : Grinding Department $ 128,000 (debit)

Work In Process : Molding Department $ 128,000  (credit)

<em>Being transfer of costs from Molding to Grinding Department</em>

<em />

Work In Process : Molding Department $ 128,000  (debit)

Work In Process : Grinding Department $ 128,000 (credit)

<em>Being transfer of costs from Grinding to Molding Department</em>

<em />

Finished Goods Account $40,000 (debit)

Work In Process : Finishing Department $40,000 (credit)

<em>Being transfer of costs from Finishing department to finished goods account</em>

Required 2 : Difference

<u>Job Order Costing </u>

Each production is unique and there may be no transfers to and from other departments. The is no inventory from previous processes as this is unique to the job order.

<u>Process Costing (Currently in use)</u>

There are transfers from and to other departments. Production is in sequence. For each departments we may also have inventories

Explanation:

<u>Finishing Department Costs Calculation</u>

Direct materials           $17,200

Direct labor                  $11,600

Applied overhead        $11,200

Total                            $40,000

Difference :

You should be able to see that the Journal entries above depicts a process costing system. Now provide reasons why this system differs from the job-order cost system. See the reasons above.

<em />

You might be interested in
Define the sentence : A marketer can realise their goals by manufacturing ,selling , improving and modifying the product . ​
andreyandreev [35.5K]

Answer:

Having a great marketing strategy in place is key to the success of any business. Without a marketing strategy, you lack focus. And without focus, you will, quite simply, fail to reach any of the goals and objectives that you have set. Failure to plan is planning to fail.

Marketing is not a standalone, one-off activity. It is made up of several different components that are necessary throughout each and every stage of a business’s endeavours - from long before a sale is even made, to long after. With so much going on, it is essential to have a strategy in place.

4 0
2 years ago
If an employeeâs manager issued an explicit or strongly implied threat that submission to sexual demands is a condition of the e
Mrac [35]

If an employee manager issued an explicit or strongly implied threat that submission to sexual demands is a condition of the employee's job, it would be an example of quid pro quo" harassment.

Protect individuals from discrimination based on characteristics such as race, nationality, religion, and gender. These rights are guaranteed to all citizens under the due process and equal protection clauses of the United States Constitution and the laws of Congress.

The Civil Rights Act of 1964 outlawed discrimination in employment based on race, color, national origin, religion, or sex, and the Equal Employee's Opportunity Commission was appointed to investigate discrimination and enforce the bill's provisions. established a meeting.

Learn more about employees at

brainly.com/question/1190099

#SPJ4

3 0
1 year ago
Pepsi has a strong brand equity. Over the years, Pepsi has introduced Vanilla Pepsi, Lemon Pepsi, Pepsi One, Pepsi Blue, and Pep
antoniya [11.8K]

Answer: These expansions of the Pepsi brand are termed: <u>"(D) Line Extensions".</u>

Explanation: The extension of the line is the creation of a new product with two fundamental characteristics: First, the product belongs to the same category in which the brand was already entering. Second, the organization continues to use the same brand that it traditionally used in that category.

4 0
3 years ago
How Big Bazaar retail store would retain it's business in today's competitive world among retail firms?​
seropon [69]

Answer:

The assignment is based on' the effective marketing strategy which influences customer to purchase a product of Big Bazaar' helps to understand the effect of marketing strategy which is responsible for attracting customer towards big bazaar.

The research was carried out as per the steps of Marketing Research. The well supportive objectives were set for the study. To meet the objectives primary research was undertaken. The data collection approach adopted was experimental research.

6 0
2 years ago
The apr of rose's savings account is 4.2%, and interest is compounded monthly. if rose makes no additional deposits or withdrawa
Alex777 [14]
The answer is $9489.64
8 0
3 years ago
Read 2 more answers
Other questions:
  • Parrot received land as a gift with a fair market value of $5,000. The land was purchased by the donor for $8,000. The land is s
    15·1 answer
  • All else being equal, does elastic or inelastic demand curve result in higher social surplus? How does elasticity of supply affe
    10·1 answer
  • Matthew owns a warehouse that is used in business while Pamela owns land. Matthew exchanges the warehouse for the land, which wi
    15·1 answer
  • Niat ny mau bikin dua akun tapi malah kesasar :(​
    14·1 answer
  • Match the following items.
    7·1 answer
  • 7. The idea that business demand comes from a demand for consumer goods is referred to as
    11·1 answer
  • A central characteristic of management by objectives (MBO) is that: Group of answer choices employees are given complete freedom
    10·1 answer
  • Tensions that led to the French and Indian War were based on competition among
    7·2 answers
  • When a transaction is journalized, which account is listed first?.
    13·1 answer
  • If $25,000 of fixed costs will be eliminated by discontinuing the Sporty line, how will operating income be affected
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!