On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that…

We're the ideal place for homework help. If you are looking for affordable, custom-written, high-quality and non-plagiarized papers, your student life just became easier with us. Click either of the buttons below to place your order.


Order a Similar Paper Order a Different Paper

On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow:,Materials…………………………. $6,000,Labor……………………………… 2,000,Overhead ………………………… 2,000,During December the following transactions occurred:,a. Purchased materials costing $50,000 on account.,b. Placed direct materials costing $49,000 into production.,c. Incurred production wages totaling $50,500.,d. Incurred overhead costs for December:,Depreciation………………………… $20,000,Utilities……………………………… 28,000 (Cash payment),Maintenance………………………… 11,000 (Cash payment),Supplies ……………………………. 2,000 (use Supplies Inventory),e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost.,f. Completed and transferred 10,000 units to finished goods. Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead.,Required:,Prepare the journal entries to record the above December transactions.

Writerbay.net

Do you need academic writing help? Our quality writers are here 24/7, every day of the year, ready to support you! Instantly chat with a customer support representative in the chat on the bottom right corner, send us a WhatsApp message or click either of the buttons below to submit your paper instructions to the writing team.


Order a Similar Paper Order a Different Paper
Writerbay.net