Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single processing department. The following information was available for the month of June. Direct materials $ 89,000 Direct labor 30,000 Manufacturing overhead applied 39,000 Total costs to account for in June $ 158,000 The amounts of work in process at the beginning and end of the month were immaterial and assigned no dollar value. During June, 13,250 units were completed, of which 10,000 were sold on account at $25 per unit. a. Prepare a journal entry to summarize the total manufacturing costs applied to production in June. b. Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse in June. c. Prepare the journal entries to record the sale of 10,000 units manufactured during the period and the related cost of goods sold.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single processing department. The ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A successful firm like microsoft has consistently generated large profits for years. is this a violation of the emh?
Answers (1)
Which of the following is true of applications for employment? A) The form will ask if an applicant can legally work in the United States. B) List talents that are not job-related, as the hiring manager might think you are an interesting person.
Answers (1)
Assume it costs Lady Marion Seafood, Inc. $30 to catch, process, freeze, package, and ship 5-pound packages of Alaskan salmon.
Answers (2)
Lowden Company has an overhead application rate of 165% and allocates overhead based on direct material cost. During the current period, direct labor cost is $66,000 and direct materials used cost $74,000.
No Answers
I am a receptionist for a large corporation what is the career?
Answers (1)
New Questions in Business
Planning for post-production support should begin after the system is deployed as specific support problems arise. a) True b) False
Answers (1)
Turnbull Corp. is in the process of constructing a new plant at a cost of $30 million. It expects the project to generate cash flows of $13,000,000, $23,000,000, and 29,000,000 over the next three years. The cost of capital is 20 percent.
Answers (1)
Spencer Co. has a $350 petty cash fund. At the end of the first month the accumulated receipts represent $58 for delivery expenses, $187 for merchandise inventory, and $27 for miscellaneous expenses. The fund has a balance of $78.
Answers (2)
Pita Pal sells fast-food franchises. Pita Pal receives $83,000 from a new franchisee for providing initial training, equipment, and furnishings that together have a stand-alone selling price of $83,000.
Answers (1)
The accounts receivable credit column of the cash receipts journal is A. posted by individual amounts only at the end of the month. B. not posted. C. posted in summary only at the end of the month. D.
Answers (1)