Hibury Company has two sequential processing departments: Assembly then Shaping.The Shaping Department reports the following information.Conversion costs are applied evenly throughout the process.
What would have been the journal entry to record the transfer of product from the assembly department to the shaping department?
A) WIP-shaping (Dr) ;WIP-assembly (Cr) 945,000
B) WIP-shaping (Dr) ;WIP-assembly (Cr) 1,092,000
C) WIP-assembly (Dr) ;WIP-shaping (Cr) 1,092,000
D) WIP-assembly (Dr) ;WIP-shaping (Cr) 945,000
Correct Answer:
Verified
Q217: Blousson Company has two sequential processing departments:
Q221: In a process costing system, costs flow
Q230: Product cost reports are done only for
Q237: ABC produces ping-pong balls using a three-step
Q238: The entry to record the use of
Q241: At Polson Company the total cost of
Q242: In a process system with multiple processes,
Q257: If a company has a series of
Q264: A transfer of $24,000 from the assembly
Q265: ABC produces ping-pong balls using a three-step
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents