T/F and Explain please 6) The following journal entry would be made in a processing costing...

T/F and Explain please

6) The following journal entry would be made in a processing costing system when units that have been completed in the final processing department are transferred to the finished goods warehouse: Finished Goods XXX Materials XXX

7) The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals the units transferred out plus the equivalent units for the work done during the period.

8) When all materials are added at the beginning of the production process, under a weighted-average process costing system the equivalent units for materials is equal to the units completed and transferred out.

9) In process costing, the equivalent units computed for materials is generally the same as that computed for conversion costs.

10) When computing the cost per equivalent unit, it is necessary to consider the percentage completion of the units in beginning inventory under the weighted-average method.

Expert Solution

6) The following journal entry would be made in a processing costing system when units that have been completed in the final processing department are transferred to the finished goods warehouse: Finished Goods XXX Materials XXX----False

When finished goods are transferred Wip account is credited and finished goods account is debited.

7) The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals the units transferred out plus the equivalent units for the work done during the period.----False

8) When all materials are added at the beginning of the production process, under a weighted-average process costing system the equivalent units for materials is equal to the units completed and transferred out.----True

This is because when material added at the beginning the units completed as to material are considered 100% complete

9) In process costing, the equivalent units computed for materials is generally the same as that computed for conversion costs.-----False

The Equivalent units for material and conversion is not nessesarily same. They are different in most times.

10) When computing the cost per equivalent unit, it is necessary to consider the percentage completion of the units in beginning inventory under the weighted-average method----False

When using Weighted average method Percentage completion at beginning is ignored.

ekkarill92 answered 6 months ago

in general when is a journal entry required? specifically would an entry be required (please explain...

in general when is a journal entry required? specifically would an entry be required (please explain why ) when good are ordered but not yet delivered and no payments have been made yet? when goods are received but payment is not due yet ?when goods are sold and paid for but will be picked up next week?

Record the journal entry the would be made by a nongovernmental, not-for-profit organization involved in medical...

Record the journal entry the would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction choose "No Journal Entry Required" in the first account field.) 1. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research. 2. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year. 3. The entity received donated services of $1,200...

Explain the journal entry made to pay the semi-annual interest and amortize the premium on bonds...

Explain the journal entry made to pay the semi-annual interest and amortize the premium on bonds payable using the effective interest method. Don't forget to explain how the numbers for each debit and credit are determined for each period.

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would...

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29...

How would the following transaction be recorded as a journal entry? Would it even be recorded?...

How would the following transaction be recorded as a journal entry? Would it even be recorded? Accurred expenses are recorded when they occur, but how does the fact that he hasn't written the reimbursement check affect the recording process? "JS had been using a personal cell phone during January for business activities. JS’s accountant had indicated that this was an allowable expense for the business, so JS planned to write a reimbursement cheque (to himself) for $95 but hadn’t gotten...

T or F – Accounting uses a double entry system? 2. T or F – Assets...

T or F – Accounting uses a double entry system? 2. T or F – Assets = Liabilities + Owners Equity? 3. T or F – Assets – Liabilities = Owners Equity? 4. T or F – Assets are normally on the debit side of the T account? 5. Advantages of ERP systems include: A) saves money B) helps adjust to changes C) replaces separate software systems D) all of the above ) T or F – Accounts receivable are...

1) Create a journal entry and a T-Account for each of the following transactions: a) $15,000...

1) Create a journal entry and a T-Account for each of the following transactions: a) $15,000 worth of equipment is purchased on credit. b) $40,000 of patient bills from last year are collected in cash. c) $10,000 is received from a managed care company for services to be rendered next year for members d) $20,000 worth of supplies is purchased and paid for in cash. e) $5,000 of accounts payable is paid in cash. f) $30,000 of cash is received...

For this question, review the journal entry and explain what theprobable transaction would be requiring...

For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account ‘ x’ is a debit/credit etc… is not an acceptable answer. Explanation should cover the actual transaction that occurred. Example Question: Utilities Expense 700 Cash 700 An acceptable answer would be: Client paid current month’s utility bill, asset is decreasing, and net worth is decreasing. Question: Cash 100,000 debit Office...

(T / F) Please state True or false for the following questions and explain your reasons....

(T / F) Please state True or false for the following questions and explain your reasons. A transitory fiscal expansion with fixed exchange rates raises the stock of foreign exchange reserves of the central bank. True or false, and why? Permanent increases in the money supply are more effective in raising the level of income under a flexible exchange rate system than under a fixed exchange rate system. True or false, and why?

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...

Question