If Department G Uses $53,000 of Direct Labor and Department

question 78

True/False

If Department G uses $53,000 of direct labor and Department H uses $21,000 of direct labor,the following journal entry would be recorded by the process cost accounting system:
$\begin{array}{llr} \text {Goods in Process Inventory, Department G } &53,000\\ \text { Goods in Process Inventory, Department H } &21,000\\ \text { Factory Payroll} &&74,000\end{array}$

---

Definitions:

Intragroup Dividends

Dividends paid between entities within the same group, which are eliminated in consolidation to avoid double counting of income.

Statement of Financial Position

A financial document summarizing an entity's assets, liabilities, and shareholders' equity at a specific point in time.

Profit or Loss

Represents the financial result of a company's operations, calculated as its revenue minus expenses.

Interim Dividend

An interim dividend refers to a dividend payment made before a company's annual earnings are calculated and finalized. It's typically issued to shareholders from the profits earned in part of the company's financial year.