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Author Question: Stefan Ceramics is in the business of selling ceramic vases. It has two departments - molding and ... (Read 12 times)

D2AR0N

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on: Mar 6, 2021
Stefan Ceramics is in the business of selling ceramic vases. It has two departments - molding and finishing. Molding department purchases tungsten carbide and produces ceramic vases out of it. Ceramic Vases are then transferred to finishing department, which designs it as per the requirement of the customers. 

During the month of July, molding department purchased 720 kgs of tungsten carbide at $280 per kg. It started manufacture of 4200 vases and completed and transferred 3800 vases during the month. It has 400 vases in the process at the end of the month. It incurred direct labor charges of $1500 and other manufacturing costs of $1300, which included electricity costs of $300. Stefan had no inventory of tungsten carbide at the end of the month. It also had no beginning inventory of vases. The ending inventory was 50% complete in respect of conversion costs. 

Which of the following journal entry would record the tungsten carbide purchased and used in production during July?
◦
Work in Process-Molding$3400
 Accounts Payable Control         $3400

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Work in Process-Molding$201,600
Accounts Payable Control         $201,600

◦
Accounts Payable Control$3400
 Work in Process-Molding       $3400

◦
Accounts Payable Control$201,600
Work in Process-Molding        $201,600
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by D2AR0N on Mar 6, 2021

Edwyer

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Reply #1 on: Mar 6, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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D2AR0N

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Reply 2 on: Mar 6, 2021
Thanks for the timely response, appreciate it

Viet Thy

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Reply 3 on: Yesterday
:D TYSM

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