Biology Forums - Study Force

Other Fields Homework Help Accounting Topic started by: lovepink1122 on Mar 30, 2023



Title: Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the ...
Post by: lovepink1122 on Mar 30, 2023

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Raw materials purchased on account$ 475,000
Raw materials (all direct) requisitioned for use in production$ 476,000
Direct labor cost$ 640,000
Manufacturing overhead:
Indirect labor cost$ 174,000
Other manufacturing overhead costs incurred$ 498,000
Cost of goods manufactured$1,469,000
Cost of goods sold (unadjusted)$1,430,000

The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:



DebitCredit
Finished Goods1,672,500
Work in Process1,672,500


DebitCredit
Work in Process1,469,000
Finished Goods1,469,000


DebitCredit
Finished Goods1,469,000
Work in Process1,469,000


DebitCredit
Work in Process1,672,500
Finished Goods1,672,500


Title: Re: Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the ...
Post by: prospectjay on Mar 30, 2023
Content hidden