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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The decision was made to use a process costing system. The first month of operation went fairly smoothly, and the CFO is ready to prepare her journal entries but asked for your help because she has not done this before for a manufacturing company.
Data for month ending 1/31/200X |
|
Direct labor expended on jobs completed in month 1 |
$100,000 |
Direct material used up |
$500,000 |
Budgeted manufacturing overhead |
$2,000,000 |
Budgeted production volume |
4,000 units |
Actual production volume |
4,500 units |
Supplies, indirect labor, maintenance repair costs totaled |
$2,200,000 |
Beginning work in process inventory |
0 |
Ending work in process inventory |
0 |
Individual Portion:
Using only the data in the chart, prepare the proper journal entries—including a date and notes showing any calculations—to record the following:
Please add your file.
Group Portion:
You, the CFO, and the rest of the accounting department now need to write a memo summarizing the data from the first month of using the process costing system operation.
Using only the data above, prepare a 300–400-word memo addressing all of these questions and showing all calculations:
Hel-----------lo -----------Sir-----------/Ma-----------dam----------- Â----------- -----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------. P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll