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Question
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:
| Goods in Process Inventory, Department G | 53,000 | ||
| Goods in Process Inventory, Department H | 21,000 | ||
| Factory Payroll | 74,000 |
Answer
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Related questions
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Q:
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Q:
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Q:
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E. A processing further decision cannot be made from the available data.
Q:
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B. Income will increase by $7 per unit.
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Q:
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Q:
Assume markup percentage equals desired profit divided by total costs. What is the correct calculation to determine the dollar amount of the markup per unit?
A. Total cost times markup percentage.
B. Total cost per unit times markup percentage per unit.
C. Total cost per unit divided by markup percentage per unit.
D. Markup percentage per unit divided by total cost per unit.
E. Markup percentage divided by total cost.
Q:
Capital budgeting decisions are generally based on:
A. Tentative predictions of future outcomes.
B. Perfect predictions of future outcomes.
C. Results from past outcomes only.
D. Results from current outcomes only.
E. Speculation of interest rates and economic performance only.
Q:
If net present values are used to evaluate two investments that have equal costs and equal total cash flows, the one with more cash flows in the early years has the higher net present value.