4/ Dazzle, Inc. produces beads for jewelry making use. The following information

Question

4/ Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is:

Multiple Choice

Debit Work in Process Inventory $177,000; credit Factory Overhead $177,000.

Debit Factory Overhead $283,200; credit Cash $283,200.

Debit Work in Process Inventory $177,000; credit Cash $177,000.

Debit Work in Process Inventory $177,000; credit Factory Payroll $177,000.

Debit Work in Process Inventory $283,200; credit Factory Overhead $283,200.

5/ Wilturner Company incurs $87,000 of labor related directly to the product in the Assembly Department, $36,000 of labor related to the Assembly Department as a whole, and $23,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively for the Assembly Department are:

Multiple Choice

$87,000 and $59,000.

$123,000 and $23,000.

$110,000 and $36,000.

$146,000 and $0.

$87,000 and $23,000.

6/ Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $850 and sold them on credit to Percy Corporation for $1,175. The complete journal entry to be made by Wyman at the time of this sale is:

Multiple Choice

Debit Accounts Receivable $1,175; credit Sales $1,175; debit Cost of Goods Sold $850; credit Finished Goods Inventory $850.

Debit Accounts Receivable $1,175; credit Sales $325; credit Finished Goods Inventory $850.

Debit Cost of Goods Sold $1,175; credit Sales $1,175.

Debit Finished Goods Inventory $850; debit Sales $1,175; credit Accounts Receivable $1,175; credit Cost of Goods Sold $850.

Debit Accounts Receivable $1,175; debit Selling expense $850; credit Sales $1,175; credit Cost of Goods Sold $850.

Direct materials used $ 104,000 Direct labor used $ 177,000 Predetermined overhead rate (based on direct labor) 160 % Goods transferred to finished goods $ 449,000 Cost of goods sold $ 461,000 Credit sales $ 980,000

Explanation / Answer

Ans)

4) Debit Work in Process Inventory $283,200; credit Factory Overhead $283,200.

177000 X 160 % = 283200

5) $123,000 and $23,000.

Direct labour = 87000 + 36000 = 123,000

Factory overehead = 23000

6) Accounts Receivable $1,175; credit Sales $1,175;

debit Cost of Goods Sold $850; creditFinished Goods Inventory $850.

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