Haupt Inc. manufacturers water pumps. Each pump requires $155 of raw materials and $315 of conversion costs. Each pump is sold for $725. Last month Haupt produced and sold 69 pumps. The journal entry to apply conversion costs to production would include:
A. Credit to sales of $21,735.
B. Debit to cost of goods sold of $31,735.
C. Debit to work in process inventory of $21,735.
D. Credit to work in process inventory of $21,735.
E. Debit to accounts payable of $31,735.
Answer: C
You might also like to view...
Perceived value is always relative
Indicate whether the statement is true or false
For teams whose members work from home, it is best to use ____ meetings.
a. STSP b. STDP c. DTSP d. DTDP
Identify the following group of words: Brenda interviewed for an accounting position with BMI Industries on Friday she declined their job offer
A) correctly punctuated sentence B) fragment C) comma splice D) run-on sentence
A producer of action figures is in a quandary about where to locate a central warehouse that will serve all of their regional centers for the coming millennium. They have predicted average annual demands for the following locations in the table
Location Demand X-Coordinate Y-Coordinate Gotham City 200 9 8 Metropolis 500 7 5 Central City 800 5 5 Gateway City 600 0 5 Capitol City 150 8 6 Where should they locate their central warehouse? What will be an ideal response?