What is the journal entry to record issuing supplies from the storeroom? A. Debi
ID: 2492630 • Letter: W
Question
What is the journal entry to record issuing supplies from the storeroom?
A. Debit Overhead—Applied; credit Raw Materials Inventory
B. Debit Overhead—Control; credit Supplies Inventory
C. Debit Supplies Inventory; credit Overhead—Applied
D. Debit Overhead—Applied; credit Supplies Inventory
In a manufacturing company, the purchase of materials on account should be recorded as follows:
Raw Materials Inventory
Accounts Payable
Work-in-Process Inventory
Accounts Payable
Finished Goods Inventory
Accounts Payable
Accounts Payable
Raw Materials Inventory
The formula for cost of goods manufactured is
A. raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
B. raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
C. beginning work-in-process plus total manufacturing cost minus ending work-in-process.
D. raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory.
Candyland completed the manufacturing process. The entry to transfer the
product to finished goods is which of the following?
Raw Materials Inventory
Finished Goods Inventory
Finished Goods Inventory
Cost of Goods Sold
Finished Goods Inventory
Work-in-Process Inventory
Finished Goods Inventory
Raw Materials Inventory
Factory Supplies Expense, Depreciation Expense—Factory, and Heat, Light, and Power—Factory appear on which section of the worksheet?
A. Statement of cost of goods manufactured
B. Balance sheet
C. Income statement
D. Statement of cost of goods sold
The entry to record rent expense of $9,000, supervision expense of $19,000, and depreciation expense of $7,000 to overhead is which of the following?
A. Debit Overhead—Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
B. Debit Overhead—Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
C. Debit Overhead—Applied $35,000; credit Overhead—Control $35,000
D. None of the above
Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000. A. $615,000 B. $445,000 C. $685,000 D. $585,000
A. Debit Overhead—Applied; credit Raw Materials Inventory
B. Debit Overhead—Control; credit Supplies Inventory
C. Debit Supplies Inventory; credit Overhead—Applied
D. Debit Overhead—Applied; credit Supplies Inventory
In a manufacturing company, the purchase of materials on account should be recorded as follows:
A.Raw Materials Inventory
Accounts Payable
B.Work-in-Process Inventory
Accounts Payable
C.Finished Goods Inventory
Accounts Payable
D.Accounts Payable
Raw Materials Inventory
The formula for cost of goods manufactured is
A. raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
B. raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
C. beginning work-in-process plus total manufacturing cost minus ending work-in-process.
D. raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory.
Candyland completed the manufacturing process. The entry to transfer the
product to finished goods is which of the following?
Raw Materials Inventory
Finished Goods Inventory
B.Finished Goods Inventory
Cost of Goods Sold
C.Finished Goods Inventory
Work-in-Process Inventory
D.Finished Goods Inventory
Raw Materials Inventory
Factory Supplies Expense, Depreciation Expense—Factory, and Heat, Light, and Power—Factory appear on which section of the worksheet?
A. Statement of cost of goods manufactured
B. Balance sheet
C. Income statement
D. Statement of cost of goods sold
The entry to record rent expense of $9,000, supervision expense of $19,000, and depreciation expense of $7,000 to overhead is which of the following?
A. Debit Overhead—Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
B. Debit Overhead—Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
C. Debit Overhead—Applied $35,000; credit Overhead—Control $35,000
D. None of the above
Explanation / Answer
1 journal entry to record issuing supplies from the storeroom Ans: B Debit Overhead—Control; credit Supplies Inventory 2 In a manufacturing company, the purchase of materials on account should be recorded as Ans :A Raw Materials Inventory A/c Dr To Accounts Payable 3 The formula for cost of goods manufactured is Ans: C beginning work-in-process plus total manufacturing cost minus ending work-in-process. 4 The entry to transfer the product to finished goods is Ans: C Finished Goods Inventory A/c Dr To Work-in-Process Inventory 5 Factory Supplies Expense, Depreciation Expense—Factory, and Heat, Light, and Power—Factory appear on Ans :A A. Statement of cost of goods manufactured 6 The entry to record rent expense of $9,000, supervision expense of $19,000, and depreciation expense of $7,000 to overhead Ans B. Debit Overhead—Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000 7 Calculate the cost of goods sold beginning finished goods inventory 70000 Add: cost of goods manufactured 600000 Less: ending finished goods inventory -85000 COGS 585000
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