The journal entry to record requisitioned and usage of direct materials would include a credit to:
Work-in-Process Inventory. Accrued Payroll. Factory Overhead. Materials Inventory. Finished
Goods Inventory. The key difference between weighted-average and FIFO process costing
methods is the handling of the partially completed: Beginning direct materials inventory. Ending
direct materials inventory. Beginning work-in-process inventory. Ending work-in-process
inventory. Beginning finished goods inventory. In calculating unit cost in a process costing
system, "conversion cost" is defined as the sum of: Direct and indirect material costs. Direct
and indirect labor costs. Direct labor and factory overhead costs Indirect labor and factory
overhead costs. East Bay Fisheries Inc. processes king salmon for various distributors. Two
departments are involved - processing and packaging. Data relating to tons of king salmon
processed in the processing department during June 2013 are provided below: Total equivalent
units for materials under the weighted-average method are calculated to be: 6,830 equivalent
units 8,180 equivalent units 6,980 equivalent units. 7,140 equivalent units 7,620 equivalent units.
Solution
D Material inventory
D Ending WIP inventory
C Direct labor and factory overhead costs