Business, 26.02.2020 21:53 ooEVAoo

Hanson Industries produces a cough syrup in two production departments: Formulating and Bottling. All of the materials are added in the Formulating department. Once formulated, the product is transferred to the Bottling department to be packaged and shipped. If Hanson Industries uses process costing, what would be the journal entry to transfer the units to the Bottling department?

Answers: 3

Show answers

Answers

Answer from: mxrvin7383

1. Debit Bottling account with Work in Process

2. Credit Formulating account with Work in Process

Explanation:

Process costing is a costing technique that is employed when products are made from a sequence of continuous or repetitive production processes. Under process costing, direct costs are traced to and accumulated for each process and indirect cost of manufacturing are allocated based on a predetermined criteria.

From the question, it is obvious that the item being transferred by the Formulating department is still Work in Process, because Bottling department still has to work on it or add value to by packaging it before it becomes a final product that will be shipped to the customer.

Therefore, all the direct costs related to the Work in Process will be traced to and accumulated for Formulating department and the its portion of indirect cost will be added to it. This will give us the total cost of Work in Process attributable to the Formulating department which will be transferred to the bottling department.

Assuming the total cost of ork in Process attributable to the Formulating department is XXX, the journal entry for the Work in Process it transferred to the Bottling department will therefore be as follows:

DR CR

Work in Process - Bottling XXX

Work in Process - Formulating XXX

Being the cost of Work in Process transferred by the Formulating department to the Bottling department.

Answer from: Quest

answer; to open a new transaction, the user should type the code/0 along with a new transaction code, when done with that the user should press enter to open the transaction; good luck;

Answer from: Quest

The land can lead to a new world power #buildthewall

Another question on Business

Business, 21.06.2019 21:00

John novosel was employed by nationwide insurance company for fifteen years. novosel had been a model employee and, at the time of discharge, was a district claims manager and a candidate for the position of division claims manager. during novosel's fifteenth year of employment, nationwide circulated a memorandum requesting the participation of all employees in an effort to lobby the pennsylvania state legislature for the passage of a certain bill before the body. novosel, who had privately indicated his disagreement with nationwide's political views, refused to lend his support to the lobby, and his employment with nationwide was terminated. novosel brought two separate claims against nationwide, arguing, first, that his discharge for refusing to lobby the state legislature on behalf of nationwide constituted the tort of wrongful discharge in that it was arbitrary, malicious, and contrary to public policy. novosel also contended that nationwide breached an implied contract guaranteeing continued employment so long as his job performance was satisfactory. what decision as to each claim?

Answers: 3

Answer

Business, 22.06.2019 12:00

Need today! will get brainliest for right answer! compare and contrast absolute advantage and comparative advantage.

Answers: 1

Answer

Business, 22.06.2019 20:20

Which of the following entries would be made to record the requisition of $12,000 of direct materials and $6,900 of indirect materials? (assume that indirect materials are included in raw materials inventory.) a. manufacturing overhead 18,900 raw materials inventory 18,900 b. wip inventory 12,000 manufacturing overhead 6,900 raw materials inventory 18,900 c. raw materials inventory 18,900 wip inventory 18,900 d. wip inventory 18,900 raw materials inventory 18,900

Answers: 1

Answer

Business, 22.06.2019 21:10

The chromosome manufacturing company produces two products, x and y. the company president, jean mutation, is concerned about the fierce competition in the market for product x. she notes that competitors are selling x for a price well below chromosome's price of $13.50. at the same time, she notes that competitors are pricing product y almost twice as high as chromosome's price of $12.50.ms. mutation has obtained the following data for a recent time period: product x product y number of units 11,000 3,000 direct materials cost per unit $3.23 $3.09 direct labor cost per unit $2.22 $2.10 direct labor hours 10,000 3,500 machine hours 2,100 1,800 inspection hours 80 100 purchase orders 10 30ms. mutation has learned that overhead costs are assigned to products on the basis of direct labor hours. the overhead costs for this time period consisted of the following items: overhead cost item amount inspection costs $16,200 purchasing costs 8,000 machine costs 49,000 total $73,200using direct labor hours to allocate overhead costs determine the gross margin per unit for product x. choose the best answer from the list below.a. $1.93b. $3.12c. $7.38d. $2.43e. $1.73using activity-based costing for overhead allocation, determine the gross margin per unit for product y. choose best answer from list below.a. $10.07b. ($2.27)c. ($5.23)d. ($7.02)e. $7.02

Answers: 3

Answer

You know the right answer?

Hanson Industries produces a cough syrup in two production departments: Formulating and Bottling. Al...

Questions