60.1K

Verified Solution

Link Copied!

What is the journal entry to record the direct labor summarized on the labor distribution report? A. Debit Finished Goods; credit Payroll B. Debit Work-in-Process; credit Payroll C. Debit Payroll; credit Direct Labor D. Debit Payroll; credit Cash

Raw material inventory appears on the

A. balance sheet.
B. income statement.
C. cost of goods manufactured statement.
D. Both a and c Omega.com sold 25 jet skis for $7,000, which cost $5,000. The entry to record the sale would include a A. credit to Finished Goods Inventory for $5,000. B. credit to Sales for $7,000. C. debit to Cost of Goods Sold for $5,000. D. All of the above What is the journal entry to record issuing raw materials from the storeroom? A. Debit Raw Materials Inventory; credit Work-in-Process B. Debit OverheadControl; credit Work-in-Process C. Debit Work-in-Process; credit OverheadControl D. Debit Work-in-Process; credit Raw Materials Inventory If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead? A. Debit Work-in-Process Inventory $80,000; credit Payroll $80,000 B. Debit OverheadApplied $60,000; credit Work-in-Process Inventory $60,000 C. Debit Work-in-Process Inventory $60,000; credit OverheadApplied $60,000 D. Debit Work-in-Process Inventory $80,000; credit OverheadApplied $80,000

Answer & Explanation Solved by verified expert

See Answer