Examlex
The auditors of Mikel's Shops obtained the following information when performing cutoff testing procedures during their observation of Mikel's physical inventory count at December 31,2009:
When comparing the cutoff information to the sales records,the auditors found that all these shipments were recorded as 2011 sales.The goods shipped on bills of lading 1235 and 1236 were not counted in the inventory,but the goods on bill of lading 1237 and 1238 were included.
Required:
Prepare the appropriate journal entry to correct the cutoff error.
Direct Labor-hours
The cumulative hours spent by workers who are primarily engaged in creating products or providing services.
Quantity Standard
A predetermined measure of the quantity of inputs expected to be used in the production of goods or services, used for budgeting and performance evaluation.
Standard Cost System
An accounting system that uses predetermined costs for products and services to help managers control costs by comparing them with actual costs.
Raw Materials
The basic materials and components required to start the production process.
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