会计·第20ç« ä&fr

会计·第20ç« ä&fr

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e ´ ^ D Question 1: Score 15/15
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Your response Exercise 20-2: Journal entries in process cost accounting L.O. P1, P2, P3 Festive Toy Company manufactures toy trucks. Prepare journal entries to record its following production activities for January. (Omit the "$" sign in your response.) 1. Purchased $40,000 of raw materials on credit. General Journal Debit Credit Raw Materials Inventory (2%) 40,000 (2%) Accounts Payable (2%) 40,000 (2%) 2. Used $17,000 of direct materials in production. General Journal Debit Credit Goods in Process Inventory (2%) 17,000 (2%) Raw Materials Inventory (2%) 17,000 (2%) 3. Used $20,500 of indirect materials. General Journal Debit Credit Factory Overhead (2%) 20,500 (2%) Raw Materials Inventory (2%) 20,500 (2%) 4. Incurred total labor cost of $77,000, which is paid in cash. General Journal Debit Credit Factory Payroll (2%) 77,000 (2%) Cash (2%) 77,000 (2%) 5. Used $58,000 of direct labor in production. General Journal Debit Credit Goods in Process Inventory (2%) 58,000 (2%) Factory Payroll (2%) 58,000 (2%) 6. Used $19,000 of indirect labor. General Journal Debit Credit Factory Overhead (2%) 19,000 (2%) Factory Payroll (2%) 19,000 (2%) 7. Incurred overhead costs of $22,000 (paid in cash).
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Question 2: Score 10/10 Your response Exercise 20-5: Computing equivalent units of production—Weighted average L.O. C2, P4 During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 30,000 were in process in the production department at the beginning of April and 120,000 were started and completed in April. April's beginning
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会计·第20ç« ä&fr

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