Begzy Company Produces Calculators on an Assembly Line in a Single-Step

question 100

Essay

Begzy Company produces calculators on an assembly line in a single-step process. The following data pertains to November:

$\begin{array}{lr}\text { Current manufacturing costs: } & \\\text { Materials purchased } & 150,000 \\\text { Materials issued to production } & 120,000 \\\text { Direct labour } & 40,000 \\\text { Factory overhead } & 30,000\\\\\text { Finished goods for period } & 180,000 \\\text { Beginning work in process } &0 \\& \\\text { Ending woct materials } & \\\quad \text { Materials } & 3,000 \\\text { Direct labour } &? \\\text { Factory overhead } & ?\end{array}$

a.Prepare traditional journal entries for the following events in November:
1. Purchase of materials on account
2. Requisition of materials into production
3. Usage of direct labour
4. Application of overhead
5. Completion of finished goods

b.What is the amount of direct labour in ending work in process?
a.Prepare traditional journal entries for the following events in November:
1. Purchase of materials on account
2. Requisition of materials into production
3. Usage of direct labour
4. Application of overhead
5. Completion of finished goods
b.What is the amount of direct labour in ending work in process?

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Definitions:

Quarterly Compounding

The process of calculating interest and adding it to the principal sum of a loan or deposit on a quarterly basis.

Effective Rate

The interest rate on a loan or investment, adjusted for the effect of compounding over a given period.

Compounded Quarterly

Generating interest on both the initial principal and previously earned interest every three months.

Annual Inflation Rate

The percentage increase in the price of goods and services over a one-year period, reflecting the decreasing purchasing power of a currency.