7) The journal entry to record tungsten carbide purchased and used in production
ID: 2511236 • Letter: 7
Question
7) The journal entry to record tungsten carbide purchased and used in production during July is A) Work in Process-Molding B) Work in Process-Molding $3,000 C) Accounts Payable Control $2,400 D) Accounts Payable Control $3,000 $2,400 Accounts Payable Control $%2,400 Accounts Payable Control $3,000 Work in Process-Molding $2,400 Work in Process-Molding $3,000 8) The journal entry to record direct labor for July is A) Work in Process-Molding $3,000 $1,000 S1,000 $1,000 Accounts Payable Control B) Work in Process-Molding $3,000 $1,000 $1,000 $1,000 Overhead Contro C) Work in Process- Molding Wages Payable Control D) Work in Process-Molding Work in Process-Finishing 9) What is the total conversion costs for the month of July? A) $1,700 B) $1,500 C) $1,300 D) $1,000 10) What is the cost of tungsten carbide that will be assigned to vases finished and transferred to the finishing department for the month of July? A) $30,000 B) $28,000 C) $26,000 D) $24,000Explanation / Answer
Answer 7:
Option B is correct.
Work in process - molding ....... 3,000
Accounts payable control ............. 3,000
Explanation: B) 500 kg × $60 =$3,000
Answer 8: Option C is correct.
Work in process - molding ........... 1,000
Wages payable control .................. 1,000
Answer 9:
Option B is correct.
Total conversion cost = $1,000 + $500 = $1,500
Answer 10:
Option D is correct.
Tungsten carbide cost per unit = [(500 × 60) / 4,000] = $0.75 per unit
Cost of Tungsten carbide that will be assigned to vases finished and transferred to the finishing
department = $7.5 × 3,200 units = $24,000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.