360 property videos company is a service company that, Ask an Expert

Accounting

360 Property Videos Company is a service company that creates in-home videos for Real Estate agents to help sell/rent the house.

Assume the Company uses a Process Costing system to allocate costs amount its two departments: Videotaping, Editing, and Posting. As of Oct 1st, only $800 of WIP - Videotaping was left over.

In Oct, $52,400 worth of videotaping materials was used and $10,000 of materials for editing was used. Factory Labor costs for the videotaping department was $104,600, editing was $35,000, and Posting was $12,000. Manufacturing overhead costs are assigned based on factory labor dollars. Estimated overhead for the entire year is $400,000 and estimated factory labor is $100,000.

The company transfers all services from videotaping to editing by Oct 20th, but the editing department is only able to complete and transfer 50% of the cost to posting during Oct. The Posting department transferred $100,000 of completed services to finished goods services and sold for a 125% markup on account.

a. Prepare all the necessary journal entries for the month of October (6 points).

b. Figure out the ending balances for all of the Work in process accounts and the Cost of goods/services sold account. (2 points)

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966467

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question access the answer the questions and submit to me

Question: Access the answer the questions and submit to me via Canvas. 1. What is a sole proprietorship and how is it taxed? 2. Define the term "limited liability". 3. List the advantages of an "S" corporation 4. Define ...

Question to make your decision you should use research and

Question: To make your decision you should use research and clearly lay out the facts and assumptions. You should then use the tools like IRR, NPV, TVM, Ratio Analysis, etc to analyze the facts. Finally, make a closing s ...

Question - alpha technology produces two products a high

Question - Alpha Technology produces two products: a high end laptop under the label Excellent Laptops and an inexpensive desktop under the label Outstanding Computers. The two products use two overhead activities, with ...

Question - marigold corporation issued a 4-year 55000 5

Question - Marigold Corporation issued a 4-year, $55,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $44,762. The note requires annual interest payments each December ...

Qestion - the houston mavericks basketball team receives

Question - The Houston Mavericks basketball team receives $ 6500 for season tickets on August 1. By December 31, $ 3900 of the revenue has been earned. The adjusting entry to be made on December 31 includes a: A. credit ...

Assignment 1 organization forms and taxationthere are

Assignment 1: Organization Forms and Taxation There are several forms of business organizations. The Internal Revenue Code (IRC) taxes different forms in different ways. The tax implications can sometimes be important en ...

Question - zhang company reported cost of goods sold of

Question - Zhang Company reported Cost of goods sold of $841,000, beginning Inventory of $38,400 and ending Inventory of $46,900. Calculate the average Inventory amount?

Question - don smiths wife died in january while still

Question - Don Smith's wife died in January while still employed and, as her beneficiary, he began receiving an annuity of $147 per month. There was no investment in the contract after June 30, 2013. The investment in th ...

Question - pina corporation bought a new machine and agreed

Question - Pina Corporation bought a new machine and agreed to pay for it in equal annual installments of $5,280 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this con ...

Question - an entity is converting its accrual-based

Question - An entity is converting its accrual-based accounting records to a cash basis. The amount of $53 000 (including $7 000 depreciation) was shown as 'Other expenses' in the statement of profit or loss. On inspecti ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert