Which would be the journal entry to record the transaction

Assignment Help Financial Accounting
Reference no: EM131219339

A company produces cupcakes in large batches. Three departments are involved in the production process - mixing, baking, and packaging. The company uses a process system. If the mixing department requisitioned direct materials to be used in production totaling $3,500, which would be the journal entry to record the transaction.

Reference no: EM131219339

Questions Cloud

Uses a plant-wide rate based on direct labor hours : Ralph Co. uses a plant-wide rate based on direct labor hours to assign its overhead costs. The estimated overhead costs are $400,000. There are two major categories of overhead: material handling and quality control. The estimated direct labor hours ..
Difference between personal and corporate database solution : Do you think that Access can serve as a corporate database solution, or is it strictly a personal database solution? What might be the difference between a personal and corporate database solution?
No journal entry required : Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $298,800 although McKenzie’s book value on that date was $1,780,000. McKenzie held land that was undervalued by $128,000 on its accounting records. Prepare all of the 2..
What is total equivalent completed units to be transferred : The following information is available for the current year for Ralph's company. Number of units in beginning WIP inventory 12,000 (30% complete number of units started in the current period 160,000 Number of units in the WIP inventory 18,000 (70% co..
Which would be the journal entry to record the transaction : A company produces cupcakes in large batches. Three departments are involved in the production process - mixing, baking, and packaging. The company uses a process system. If the mixing department requisitioned direct materials to be used in productio..
Required to permit the seller to cure the defects : New furniture was delivered to the buyer, and it was badly damaged. The purchaser notified the furniture store of the damage, and the store sent a representative to the buyer. The representative explained that the furniture could be repaired and rest..
Use both process and job order costing methods : Describe 3 products or production processes that might use both process and job order costing methods to determine the cost of a finished unit. Please be detailed in your response.
What is the appropriate remedy : Maria Palomo purchased a used car from LeBlanc Hyundai Partnership. She explained to the sales representative that she needed the car to go to work and to take care of her grandchildren. She appealed the decision. Should Palomo be allowed to revoke a..
Using software program recommended and installed by seller : David Cooper purchased a computer and software for his supermarket business. He was using a software program recommended and installed by the seller, Contemporary Computer Systems, Inc. The sales contract had a clause that stated that no refunds woul..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Why is it important to track inventory

What activities should you perform to correctly account for your inventory at year-end? Why is it important to track inventory? What does this information tell you about your business?

  Record the journal entries related to this transaction

A company purchased merchandise inventory costing $15,000 with credit terms of 2/10, n/30 on November 7. On November 15, the company paid 1/3 of the amount due. The remaining balance was paid on December 7.

  Use of account balances as a basis for adjustments

use of account balances as a basis for adjustments lorimatlock operates a graphic arts business. a list of accounts on

  How much of the above costs represent direct materials cost

The Childers Company manufactures widgets. During the fiscal year just ended, the company incurred prime costs of $1.5 million and conversion costs of $1.8 million. Overhead is applied at the rate of 200% of direct labor cost. How much of the above c..

  About the market interest rate

Ultimate Butter Popcorn issues 7%, 10-year bonds with a face amount of $60,000. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually. At what price will the bonds issue?

  Transactions would be reflected in government-wide statement

Preston Village engaged in the following transactions: It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund. Prepare journal entries to reflect how the transactions would be..

  Prepare statement of activities for the year ended december

Prepare a statement of activities for the year ended December 31, 2014. Prepare a statement of financial position for the year ended December 31, 2014. Prepare a statement of cash flows for the year ended December 31, 2014.

  Explain how the offshore oil platform should be treated

Explain how the offshore oil platform should be treated in the financial statements of Peppel Corporation for the year ended 31 December 2012.

  Feature of a process costing system

Which is NOT a feature of a process costing system?

  Discuss whether or not you believe that exposure drafts

Discuss how you would respond or comment to the Exposure Draft that you researched and discuss whether or not you believe that Exposure Drafts add value to the accounting pronouncement development process.

  Evaluate ibms earnings per share

Evaluate IBM's revenue growth, receivables, and gross margins over the period (be sure to control for seasonality in your evaluation). Evaluate IBM's earnings per Share (basic), and identify the factors most responsible for the increase in IBM's ear..

  How much will be in the account at the end of the year

To finance your newborn daughter’s education you deposit $1,200 a year at the beginning of each of the next 18 years in an account paying 8% annual interest. How much will be in the account at the end of the 18th year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd