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Cost ACC Journalize
Question | Answer |
---|---|
To record the purchase of raw material | Raw Material Inv. Accts. Pay. |
To record the issuance of direct and indirect material requisitioned for a specific job | WIP Inv. - Job # (or Department) MOH Raw Material Inv. |
To record direct and indirect labor payroll for production employees | WIP Inv. - Job # (or Department) MOH Wages Pay. |
To record the incurrence of actual overhead costs (Account titles to be credited must be specified in an actual journal entry.) | MOH Various Accounts |
To apply overhead to a specific cost (This may be actual OH or OH applied using a predetermined rate. predetermined OH is applied at job completion or end of period, whichever is earlier.) | WIP Inv. - Job # (or Department) MOH |
To transfer completed goods to Finished Goods Inv. | Finished Goods Inv. (Job #) WIP Inv. |
To record the sale of goods on account | Accts. Rec. Sales |
To record COGS | COGS Finished Goods Inv. |