Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The cost of production summary for Maha Industries follows:
Maha Industries
Cost of Production Summary
For the Month Ended May 31, 20--
Cost of production for month:
Materials $ 8,000
Labor 4,000
Factory overhead 3,000
Total costs to be accounted for $15,000
Unit output for month:
Finished and transferred to Finished goods
during month 3,500
Equivalent units of work in process, end of
month (2,000 units, 25% completed) 500
Total equivalent production 4,000
Unit cost for month:
Materials ($8,000 / 4,000) $2.00
Labor ($4,000 / 4,000) 1.00
Factory overhead ($3,000 / 4,000) .75
Total $3.75
Inventory costs:
Cost of goods finished and transferred to
Finished goods during month: (3,500 ´ $3.75) $13,125
Cost of work in process, end of month:
Materials (2,000 ´ .25 ´ $2.00) $1,000
Labor (2,000 ´ .25 ´ $1.00) 500
Factory overhead (1,000 ´ .25 ´ $.75) 375 1,875
Total production costs accounted for $15,000


What is the journal entry to record completed production and transfer to the warehouse?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939730

Have any Question? 


Related Questions in Accounting Basics

Comprehensive problem 1morgan companys balance sheet at

Comprehensive Problem 1 Morgan Company's balance sheet at December 31, 2016, is presented below. Morgan Company Balance Sheet December 31, 2016 Cash $30,000 Accounts Payable $12,250 Inventory 3050 Interest Payable 300 Pr ...

Question 1dollys best issued 200 shares of its 10 common

Question 1 Dolly's Best issued 200 shares of its $10 common stock in exchange for used packaging equipment with a fair market value of $2,400. The entry to record the acquisition of the equipment would include a A. debit ...

Develop a powerpoint presentation that answers the

Develop a PowerPoint presentation that answers the following questions: Prepare a financial analysis of Warehouse Distribution, Inc.(I will upload the income statements for Warehouse Distribution), comparing the firm's f ...

Accounting assignmentaccounting is the study of how

Accounting Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Introductory accounting assignment question 1 - the

INTRODUCTORY ACCOUNTING ASSIGNMENT QUESTION 1 - The information given below was extracted from the books of KAISER TRADERS. REQUIRED: 1.1: Compare the Bank Statement with the Cash Receipts Journal and Cash Payments Journ ...

Problemmaquoketa services was formed on may 1 2017the

Problem Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay BradFord invested $40,000 cash in the company, as its sole owner . 2. Hire ...

Careers in accountingaccounting is the study of how

Careers in Accounting Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Accounting theory and contemporary issues individual case

Accounting Theory and Contemporary Issues Individual case study Assignment Learning Outcomes-  Research and argue a position in regard to a contemporary issue in the accounting profession Evaluate the different areas of ...

1 many firms are relying on cloud computing also known as

1. Many firms are relying on cloud computing, also known as "the cloud," to perform key business functions. By moving transactional processing to the cloud, firms are exposing themselves to additional attacks as well as ...

Question 1the following information relates to the

Question 1 The following information, relates to the imputation credit account (ICA) for Killorglin Park Fair Ltd ("Killorglin Park") for the year ending 31 March 2016. (i) The shareholders as at 31 March 2015 were Donna ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro