From the debit entry to Finished Goods T account Cost of jobs completed and

From the debit entry to finished goods t account cost

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3. From the debit entry to Finished Goods T-account, Cost of jobs completed and transferred from WIP = $925,000 4. From Work-in-Process T-account, = $44,000 + $234,000 + $348,000 + $464,000 $925,000 = $165,000 5. From the credit entry to Finished Goods Control T-account, Cost of goods sold (before proration) = $880,000 Work in process inventory on 12/31/2014
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4-36 172,500 57,500 920,000 8. Needham’s operating income using write-off to Cost of Goods Sold and Proration based on ending balances (before proration) follows: Write-off to Proration Based 9. If the purpose is to report the most accurate inventory and cost of goods sold figures, the preferred method is to prorate based on the manufacturing overhead allocated component in the inventory and cost of goods sold accounts. Proration based on the balances in Work in Process,
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4-37 4-38 (40 55 min.) Overview of general ledger relationships. Note: In some print version s of the text, the second column heading appears as “Ending Balance 12/31.” The second column heading in the problem should be “Ending Balance 12/30” and not “Ending Balance 12/31.” 1. Adjusting entry for 12/31 payroll. (a) Work-in-Process Control 4,300 Manufacturing Department Overhead Control 1,400 Wages Payable Control 5,700
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