Managerial Accounting week 3 p16-30b

Managerial Accounting week 3 p16-30b - Accounts Debit...

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P16-30B (25-35 min) Matthew Schweizer Req. 1 Huntley uses a job costing system. We know this because Huntley's costing records show costs being accumulated for each job. Req. 2 Huntley Manufacturing Computation of Work in process inventory, Finished goods inventory, and Cost of goods sold For October and November Date (a) Work in process inventory (b) Finished goods inventory (c) Cost of goods sold Job Cost Job Cost Job Cost October 31: 3 $1,000 2 $1,500 1 $1,400 4 1,100 Total $2,100 Total $1,500 Total $1,400 November 30: 6 $200 4 $2,100 2 $1,500 3 2,200 5 550 Total $200 Total $2,100 Total $4,250 Req. 3 Journal Entry Date
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Unformatted text preview: Accounts Debit Credit October Finished goods inventory 2,900 Work in process inventory 2,900 November Finished goods inventory 4,850 Work in process inventory 4,850 Req. 4 Journal Entry Date Accounts Debit Credit Accounts receivable 3,000 Sales revenue 3,000 Costs of goods sold 2,200 Finished goods inventory 2,200 Req. 5 Sale Revenue $3,000 Less: Cost of goods sold (2,200) Gross Profit $800 Administration Customer service Design Distribution Marketing Other Costs ( Interest expense and Income taxes) Research and Development...
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Managerial Accounting week 3 p16-30b - Accounts Debit...

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