recorded a cost of goods sold of $ 65,000. The journal entries to record these transactions would include a
Student Answer: debit to finished goods of $ 65,000. credit to cost of goods sold of $ 65,000. credit to work in process of $ 60,000. credit to finished goods of $ 60,000. * Times are displayed in( GMT-07:00) Mountain Time( US & Canada) Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the“ Details” section below. Date Taken: 5 / 15 / 2016 Time Spent: 1 h, 27 min, 22 secs Points Received: 71 / 90( 78.9 %)
Grade Details – All Questions Page: 1 2 Question 1. Question:( TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.
5. Frozen cranberry juice processor ii. Custom boat builder iii. Concrete block manufacturer iv. Winery that produces a number of specialty wines v. Aluminum refiner that makes aluminum ingots from bauxite ore vi. External auditing firm For each company, indicate whether the company is most likely to use job-order costing or process costing. Question 2. Question:( TCO B) Job 728 was recently completed. The following data have been recorded on its job cost sheet. Direct materials $ 89,925 Direct labor hours 1,220 labor hours Direct labor wage rate $ 15 per labor hour Machine hours 1,550 machine hours