The Following Table of Cost Information Is Available for the Renaldo

question 186

Essay

The following table of cost information is available for the Renaldo Company for the month of November:
$$\begin{array} { l | l | l | l } & \begin{array} { l } \text { Goods in } \\\text { Process } \\\text { Inventory- } \\\text { Mixing }\end{array} & \begin{array} { l } \text { Goods in } \\\text { Process } \\\text { Inventory- } \\\text { Molding }\end{array} & \begin{array} { l } \text { Finithed } \\\text { Goods } \\\text { Inventory }\end{array} \\\hline \text { Begining Inventory } & \$ 12,000 & \$ 15,000 & \$ 24,000 \\\hline \text { Costs incurred: } & & & \\\hline \text { Direct materials } & 22,000 & 14,000 & \\\hline \text { Direct labor } & 32,000 & 17,000 & \\\hline \text { Overhead applied } & 47,000 & 24,500 & \\\hline \text { Costs transferred out } & ( 100,000 ) & ( 152,000 ) & \\\hline \text { Costs transferred in } & & 100,000 & 152,000 \\\hline \text { Cost f goods sold } & & & ( 149,000 ) \\\hline \text { Ending inventory } & 13,000 & 18,500 & 27,000\end{array}$$ Based on the table of cost information above, prepare the general journal entry required to record the:
a. Transfer of goods from the molding department to the finished goods inventory.
b. Cost of goods sold for November.

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Definitions:

Edge City

A term for a relatively large urban area situated on the outskirts of a traditional city center, often characterized by extensive office and retail space.

Bedroom Community

A residential area where most of the inhabitants commute to work in a nearby city or urban center, typically characterized by a quiet, suburban atmosphere.

Suburbanization

The process by which people move from urban areas to suburban areas, leading to the growth of communities on the outskirts of cities.

Urban Core

The central, innermost part of a city, known for its high density, infrastructure, and significant economic activities.