Manag Chap 4 Class Prolem

Manag Chap 4 Class Prolem - 1. XYZ, Inc., which uses a...

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1. XYZ, Inc., which uses a process-costing system, transfers completed production from Department no. 1 to Department no. 2 for further work. Which of the following best describes the account that would be credited to record this transfer? A. Cost of Goods Transferred. B. Finished-Goods Inventory: Department no. 1. C. Finished-Goods Inventory: Department no. 2. D. Work-in-Process Inventory: Department no. 1. E. Work-in-Process Inventory: Department no. 2. 2. ABC, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes: A. a debit to Cost of Goods Sold for $432,000. B.
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This note was uploaded on 03/05/2010 for the course ACC 02320 taught by Professor Devidal during the Spring '09 term at University of Texas at Austin.

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Manag Chap 4 Class Prolem - 1. XYZ, Inc., which uses a...

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