How the costs were assigned to the output physical


1) Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the Assembly Department as a whole, and $18,000 of labor for services that help production in both the Assembly and Finishing departments. The journal entries to record the labor for the Assembly Department would include:

Debit Work in Process Inventory $82,000; debit Factory Overhead $49,000.
Debit Work in Process Inventory $82,000; debit Wages Expense $49,000.
Debit Work in Process Inventory $113,000; debit Wages Expense $18,000.
Debit Work in Process Inventory $131,000.
Debit Work in Process Inventory $113,000; debit Factory Overhead $18,000
Can you tell me the answer to this with these multiple choice answers?

2) A process cost summary is a managerial accounting report that describes all but which of the following:

The gross profit earned on the sale of products. The equivalent units of production by the department. How the costs were assigned to the output. Physical transfers for a department. The costs charged to a department.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: How the costs were assigned to the output physical
Reference No:- TGS02544918

Now Priced at $10 (50% Discount)

Recommended (96%)

Rated (4.8/5)