Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. process costing lamberton industries uses process

Process Costing Lamberton Industries uses process costing, All of the company's manufacturing activities take place...

90.2K

Verified Solution

Question

Accounting

Process Costing
Lamberton Industries uses process costing, All of the company's manufacturing activities take place in a single processing department. The following information was available for the month of July.
Direct materials
Direct labor
$80,000
Manufacturing overhead applied
Total costs to account for in July
Partially completed units in July's beginning and ending work in process inventories were considered immaterial and were assigned no dollar value. During July, 40,000 units were completed, of which 35,000 were sold on account at $12 per unit.
a. Prepare a journal entry to summarize the total manufacturing costs applied to production in July.
b. Prepare the journal entry to transfer 40,000 completed units from work in process to the finished goods warehouse in July.
c. Prepare the journal entries to record the sale of 35,000 units manufactured during the period and the related cost of goods sold.
image

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Finance
1.2K views

Wii Brothers, a game manufacturer, has a new idea for an adventure game. It can market...

Medical Sciences
1.2K views

1) what chemically breaks proteins down into large polypeptides? pepsinogen protease bile pepsin 2) which of the following is involved in...

Programming
1.2K views

reverse_number_in_list(number_list:list)-> list This function will be given a list of numbers your job is to reverse all...

Electrical Engineering
1.2K views

(Pre-Lab) Which of these systems needs to be treated as a transmission line system and...

Statistics
1.2K views

I Solve and graph y 8x 10 9 8 7 100 la 937DDTANE B 6...

Statistics
1.2K views

Fill in the blank Given a collection of paired sample data the y bo b...

Accounting
1.2K views

The following information is available for the Noir Detective Agency. After closing entries are posted,...

Accounting
1.2K views

Accounting -5-14

Accounting
1.2K views

Milo Clothing experienced the following events during Year 1, its first year of operation: ...

Accounting
1.2K views

Due to erratic sales of its sole producta high-capacity battery for laptop computersPEM, Inc., has...

Accounting
1.2K views

Will the accounting equation hold true for every corporation? Why?

Finance
1.2K views

The British pound trades at $1.1248 in London and $1.1241 in New York. How much...