please help me understand how to solve the practice journal entry. ASSUMPTIONS: INK...
50.1K
Verified Solution
Link Copied!
Question
Accounting
please help me understand how to solve the practice journal entry. ASSUMPTIONS: INK PAPER+B5 DIRECT LABOR RATE DIRECT LABOR PRODUCTION ESTIMATED MOH ESTIMATED QUANTITY SELLING PRICE MULTIPLE 2@5 2@5 $50 PER HOUR 25 BOOKS PER HOUR $500,000 10,000 4 ESTIMATED UNIT COST ESTIMATED SELLING PRICE POR BEGINNING INVENTORY INVENTORY METHOD JOURNAL ENTRIES: PURCHASE OF INK CARTRIDGES PUTCHASE OF REAMS OF PAPER TRANSFER OF INK TO WIP TRASFER OF PAPER TO WIP PAYMENT FOR ACTUAL LABOR HOURS RECORD ESTIMATED MOH RECORD TRANSFER OF COMPLETED BOOKS SALE OF FINISHED GOODS ACTUAL MOH DEPRECIATION OTHER OVERHEAD RECORD OVER/UNDER APPLIED OVERHEAD SALES SALARIES AS A PERCENT OF SALES RENTAL EXPENSE 25,000@5 22,000@5 20,000 20,000 500 HOURS 500 HOURS 7500 BOOKS 6000 BOOKS 100,000 405,000 10% $500,000 REQUIRED: POST BEGINNING INV TO LEDGER COMPLETE JOURNAL ENTRIES POST OT LEDGER PREPARE COGM STATEMENT PREPARE COGS PREPARE INCCOME STATEMENT
please help me understand how to solve the practice journal entry.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.