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Author Question: Here is selected data for Jenquay Corporation:Cost of raw material purchased$87,000Cost of ... (Read 39 times)

WWatsford

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Here is selected data for Jenquay Corporation:

Cost of raw material purchased$87,000
Cost of requisitioned direct materials    46,000
Cost of requisitioned indirect materials3,000
Direct labour89,000
Manufacturing overhead incurred    102,000
Cost of goods completed  248,900
Cost of goods sold163,000
Beginning raw materials inventory    19,000
Beginning work in process inventory43,000
Beginning finished goods inventory27,000
Manufacturing overhead allocation rate (based on direct labour)       150%


At Jenquay Corporation the journal entry to transfer completed goods to the finished goods inventory account would include a
◦ debit to finished goods inventory for $268,500.
◦ debit to work in process inventory for $248,900.
◦ credit to work in process inventory for $268,500.
◦ debit to finished goods for $248,900.


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Marked as best answer by WWatsford on Jan 4, 2020

Swizqar

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WWatsford

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Reply 2 on: Jan 4, 2020
Gracias!


coreycathey

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Reply 3 on: Yesterday
Wow, this really help

 

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