Chpt 5 - JIT Entriesxlsx

Chpt 5 - JIT Entriesxlsx - Allocate DM to Finished Goods...

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Chapter 5 JIT - Journal Enties - back flush method Appendix 5A Page 266 CC Finished Goods 18,540,000 18,000,000 BB 100,000 BB 900,000 20,510,000 DM 3,020,000 3,000,000 21,000,000 540,000 540,000 0 120,000 0 1 purchase 3,020,000 of Direct Materials Cost of Good Sold 3,020,000 20,510,000 Accunts Payables 3,020,000 540,000 2. Mintel Incurs (means incurs actual costs) of Labor and overhead 0 Conversion Costs 18,540,000 Accumulated Depreciation 5,000,000 Wages Payable 11,000,000 Property Tax Payable 2,000,000 Inusurance Payable 540,000 3. Intel completes 3,0000,000 circuits
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Unformatted text preview: Allocate DM to Finished Goods (Every unit - allocate $1.00 of DM) Allocate CC to Finished Goods (Every unit - allocate $6.00 of CC) Total Unit Cost = $7.00) Alloc per # Units Unit 3,000,000 1 3,000,000 DM Allocation 3,000,000 6 18,000,000 CC Allocation Finished Goods 21,000,000 Raw & In Process 3,000,000 Conversion Costs 18,000,000 4. Sell 2,930,000 at a cost of $7.00 per unit Cost of Good Sold 20,510,000 Finished Goods 20,510,000 5. Close out Conversion Cost T- account Cost of Good Sold 540,000 Conversion Costs 540,000...
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