Homework Answers
29) Managers of
Bakery: There is a need to know the unit information. As number of items or sales differs every day , month. Manager must know about the cost of a single unit so as to get a proper figure so that excess unit cost could be avoided.
Computer manufacturer: In computer, there is a need to assemble various parts and unit cost is not small. Cost of a single unit is more and cannot be ignored. If extra unit is produced , there can be loss of big amount to the manufacturer.
Bank: In bank there are many instruments, transactions that take place in a single day. So there is a need to know about single unit cost.
Seamstress: As every single unit is designed uniquely, pricing of each unit must be different.
30)
Raw material inventory: It is increased if there is any purchase. It is decreased when it is used by the firm or undergoes some process/use.
Work in progress inventory: It increases when more raw material is transformed during the process. It decreases when goods are transformed completely, can be put under finished goods category or ready for sale.
Finished goods inventory: It increases when goods are completely or ready for sale. It decreases when goods are sold.
Cost of goods sold: It increases when more units are produced or there is increase in price level. It decreases when less units are produced or price falls.
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I govern There is no requirement to follow GAA 29) For each of the following types...
CIK WIL VIR Read the requirements Requirement 1. Define the three business types, service, merchandising and...
CIK WIL VIR Read the requirements Requirement 1. Define the three business types, service, merchandising and manufacturing Business type Definition Service Merchandising Manufacturing Requirement 2. Based on the data given for the two companies determine the business type of each one Company Als a company and Company B is a M company Requirement 3. Calculate the cost of goods sold for each company Begin by calculating the cost of goods sold for Company A Company A X i Data Table...
REQUIREMENT Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a...
REQUIREMENT
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to...
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for November and December. (Record debits first, then credits. Exclude explanations from any journal entries.) Record November's entry first. Date Accounts Debit Credit Nov. 30 Now record December's entry. Date Accounts Debit Credit Dec. 31 i Requirements 1. Which type of costing system is Sloan using? What piece of data did you base your answer on? 2. Use the dates in...
1) 2) Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials i...
1)
2)
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,250,000 37,000...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
REQUIREMENT Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a...
REQUIREMENT
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...
REQUIREMENT Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a...
REQUIREMENT
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...
Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:...
Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: (Click the icon to view the costing records.) Read the requiren * Data Table Requirement 1. V Bluebird uses a haccumulated for each Requirement 2.4 Inventory, Finished Sold. (If a box is n bute Bluebird's account bal Work-in-Process Inventor Job Date Prepare the Septe No. StartedFinished Sold = 9/12 9/13 10/01 Total Total Manufacturing Cost of Job Costs Added at September 30 in October...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inve...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
Gelinas Computer Company was organized on May 1. On that date, the company purchased 32,000 USB...
Gelinas Computer Company was organized on May 1. On that date, the company purchased 32,000 USB flash drives to be sold with personal computers, each pre- loaded with the company's product information brochures. The front of the USB flash drives displays the company's name and an attractive corporate logo. Each USB flash drive cost Gelinas $6. During May, 25,500 USB flash drives were drawn from the raw materials inventory account. Of these, 500 were taken by the sales manager to...
CIK WIL VIR Read the requirements Requirement 1. Define the three business types, service, merchandising and manufacturing Business type Definition Service Merchandising Manufacturing Requirement 2. Based on the data given for the two companies determine the business type of each one Company Als a company and Company B is a M company Requirement 3. Calculate the cost of goods sold for each company Begin by calculating the cost of goods sold for Company A Company A X i Data Table...
REQUIREMENT
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for November and December. (Record debits first, then credits. Exclude explanations from any journal entries.) Record November's entry first. Date Accounts Debit Credit Nov. 30 Now record December's entry. Date Accounts Debit Credit Dec. 31 i Requirements 1. Which type of costing system is Sloan using? What piece of data did you base your answer on? 2. Use the dates in...
1)
2)
Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,250,000 37,000...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
REQUIREMENT
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...
REQUIREMENT
Required information [The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: $50,500 Raw materials Work in process Finished goods $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.75 per direct labor-hour was based on a cost formula that estimated $470,000 of total manufacturing...
Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information: (Click the icon to view the costing records.) Read the requiren * Data Table Requirement 1. V Bluebird uses a haccumulated for each Requirement 2.4 Inventory, Finished Sold. (If a box is n bute Bluebird's account bal Work-in-Process Inventor Job Date Prepare the Septe No. StartedFinished Sold = 9/12 9/13 10/01 Total Total Manufacturing Cost of Job Costs Added at September 30 in October...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
Gelinas Computer Company was organized on May 1. On that date, the company purchased 32,000 USB flash drives to be sold with personal computers, each pre- loaded with the company's product information brochures. The front of the USB flash drives displays the company's name and an attractive corporate logo. Each USB flash drive cost Gelinas $6. During May, 25,500 USB flash drives were drawn from the raw materials inventory account. Of these, 500 were taken by the sales manager to...
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