Reference: 16_02
Refer to the Following Table of Cost Information

question 15

True/False

Reference: 16_02
Refer to the following table of cost information:
$\begin{array}{llr}&\text { Goods in } & \text { Goods in } & \\&\text { Process- } & \text { Process- } & \text { Finished } \\&\underline{\text { Pickling }} & \underline{\text { Canning }} &\underline{ \text { Goods }}\\ \text { Beginning inventory } &\$100,000&\$150,000&\$90,000\\ \text {Costs incurred: } &\\ \text { Direct materials } &40,000&50,000\\ \text { Direct labor } &12,000&70,000\\ \text {Overhead applied } &60,000&105,000\\ \text { Coststransferred out } &(29,000)&(35,000)\\ \text { Coststransferred in.} &&(250,000)&(249,000)\\ \text { Cost of goods sold } &\underline{\quad\quad}&\underline{\quad\quad}&\underline{(525,000)}\\ \text {Ending inventory } & \underline{\$70,000}& \underline{\$130,000}& \underline{\$60,000}\\\end{array}$

-The following journal entry would be made to record the transfer of completed goods from Shoving to the finished goods inventory for this period:
$\begin{array}{llr} \text { Finished Goods Inventory } &525,000\\ \text { Goods in Process Inventory, Shoving Dept } &&525,000\\\end{array}$

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Definitions:

Land Costing

The total cost associated with acquiring land, including purchase price, closing costs, and any improvements necessary to prepare the land for its intended use.

Effect

The result or impact of an action or condition, often used in various contexts such as science, economics, and mathematics.

Financing Activities

Transactions and events where cash is raised from or repaid to investors, affecting a company's equity and/or debt.

Payment of Dividends

The distribution of a portion of a company's earnings to its shareholders as determined by the board of directors.