Question

In: Accounting

When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is


When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is 

Work In Process Inventory 

     Direct Materials 

     Direct Labor 

     Manufacturing Overhead 

Raw Materials Inventory 

     Work In Process Inventory 

Finished Goods Inventory Work 

     In Process Inventory 

Finished Goods Inventory 

     Direct Materials 

     Direct Labor 

     Manufacturing Overhead

Solutions

Expert Solution

The Journal Entry Will be

Dr. Finished Goods Inventory

Cr. Work in Process Inventory


Related Solutions

Job 434 was recently completed. The following data have been recorded on its job cost sheet:...
Job 434 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ 45,000 Direct labor-hours 630 labor-hours Direct labor wage rate $ 13 per labor-hour Machine-hours 390 machine-hours Number of units completed 3,000 units The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $12 per machine-hour. Required: Compute the unit product cost that would appear on the job cost sheet for this job.
1.What Journal entry should be made if book inventory is $101,000 and market value is 97,000...
1.What Journal entry should be made if book inventory is $101,000 and market value is 97,000 Debit Inventory 4,000, Credit Cost of Goods sold 4,000 Debit Loss on Inventory Devaluation 4,000, Credit Inventory 4,000 Debit Cost of Goods sold 4,000, Credit Inventory 4,000 No entry is needed as inventory is recorded at cost 2.Which statement is false When Prices are rising LIFO Cost of Goods Sold will be higher than FIFO When Prices are rising Net Income will be Lower...
Answer my this problem correctly.Balance sheet should be equal and all parts should be completed. The...
Answer my this problem correctly.Balance sheet should be equal and all parts should be completed. The following information is given for Aphria Farming Services Inc. for the year ended December 31, 2018. The account balances (all of which had their normal balance of debit or credit) at the beginning of 2018 (January 1, 2018) were as follows: Cash                                                             $      2,200 Accounts Payable                                        $     23,700 Accounts Receivable                                   $       4,400 Income Tax Payable                                    $    15,100 Prepaid Supplies (Feed and Straw)            $     27,800...
PLEASE SHOW WORKING: find #1 cost sheet, job #2 cost sheet, general journal, t account (ledger)...
PLEASE SHOW WORKING: find #1 cost sheet, job #2 cost sheet, general journal, t account (ledger) and schedule of COGM, COGS and income. no project base given and asked in the comment 1 Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers. You...
When the decision has been made to enter a new industry, which entry mode is most...
When the decision has been made to enter a new industry, which entry mode is most commonly used and what issues must managers address with this mode of entry?
Please prepare a closing journal entry using the information given. You have been hired as an...
Please prepare a closing journal entry using the information given. You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included...
Acquisition costs; journal entries Consider each of the transactions below. All of the expenditures were made...
Acquisition costs; journal entries Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $12,000 during the year for experimental purposes in connection with the development of a new product. 2. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $7,500. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $6,000 down and signed a noninterest-bearing note requiring the payment of $18,000 in nine months....
What does the “write-down” mean? What journal entry would Abercrombie & Fitch have made to write...
What does the “write-down” mean? What journal entry would Abercrombie & Fitch have made to write down its merchandise inventory during the year ended January 30, 2016? What impact would the write-down of inventory have had on Abercrombie’s assets? Liabilities? Equity? What impact would the write-down of inventory have had on Abercrombie’s expenses? Gross margin? Net income? What impact, if any, would the write-down of inventory have had on Abercrombie’s current ratio? From an investor standpoint, do you think that...
Job Cost Sheet Job Number Date  Initiated Item Date completed Direct Matarials Direct Labor Manufacturing Overhead Amount...
Job Cost Sheet Job Number Date  Initiated Item Date completed Direct Matarials Direct Labor Manufacturing Overhead Amount Hours Rate Amount Hours Rate Amount Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Unit Product Cost QUESTION 1 Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two...
4. Lastly, write a short “journal” entry of how you, your family and community have been...
4. Lastly, write a short “journal” entry of how you, your family and community have been affected by the corona virus, how you are feeling, and what you are personally doing to keep “normalcy” in your home life.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT