1.)
2.)
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A A A A 12 Robinson & Daughters uses a normal cost system to account for...
Page 10 of 12 Robinson & omson & Daughters uses a normal cost system to account for jobs it produces and closes out any over- or under-applied manufacturing overhead directly to Cost of Goods Sold at the end of each quarter. Various accounts have beginning balances in the amounts as follows (in $1.000's). Cash Raw Materials Inventory (RM) 17 Work in Process Inventory (WIP) 22 Finished Goods Inventory (FG) Manufacturing Overhead (MOH) Property, Plant, and Equipment (PP&E) 315 Accounts Payable...
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Use the information below to answer the following two questions: Ginseng Inc. uses a normal cost system to account for jobs it produces and closes out any one or under-applied manufacturing overhead directly to Cost of Goods Sold at the end of each quarter. Beginning balances from the Balance Sheet on January lane shown in the table below. The table uses the following abreviations RM -Raw Materials Inventory AP Accounts Payable WIP Work in Process Inventory RE-Retained...
Please help. Exam tomorrow, just a review.
Blurry #s on info:
a.102
b. 96
c. 100
d. 40
e. 27
Everything else seems viisible?
Please help me out! Show all work necessary. No excel work
please, thank you!
system to account for jobs i produces and closes out any Over- or under-applied manufacturing overhead ods Sold at the end of each quarter. Beginning balances from the Balance Sheet on January I are shown in the w. The table uses the...
Gilkison Corporation uses a job-order costing system to assign
manufacturing costs to jobs. At the end of the month it closes out
any overapplied or underapplied manufacturing overhead to Cost of
Goods Sold. Its balance sheet on October 1 appears below:
Gilkison Corporation
Balance Sheet
October 1
Assets:
Cash
$
10,700
Raw materials
$
4,700
Work in process
15,700
Finished goods
19,700
40,100
Property, plant, and equipment (net)
229,700
Total assets
$
280,500
Liabilities and Stockholders' Equity:
Accounts payable
$...
Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Sandra Corporation Balance Sheet January 1 Assets: Cash $ 18,000 Raw materials $ 8,000 Work in process 12,000 Finished goods 17,000 37,000 Property, plant, and equipment (net) 219,000 Total assets $ 274,000 Liabilities and Stockholders' Equity: Retained earnings $ 274,000...
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,200 6,600 20,600 The following transactions occurred during January: (a) Purchased materials on account for $26,800. (b) Issued materials to production totaling $21700, 90 percent of which was traced to specific jobs and the remainder of which was treated as Indirect materials...
Christopher’s Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory $ 15,700 Work in Process Inventory 6,600 Finished Goods Inventory 20,500 The following transactions occurred during January: (a) Purchased materials on account for $26,600. (b) Issued materials to production totaling $20,400, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect...
Christopher’s Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory $ 15,600 Work in Process Inventory 5,200 Finished Goods Inventory 20,400 The following transactions occurred during January: (a) Purchased materials on account for $27,200. (b) Issued materials to production totaling $20,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect...
Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed) During January, the company had the following transactions (a) Purchased $70,000 worth of materials on account (b) Recorded materials issued to production as follows: Job Number 201 202 Indirect...
7.The following entry would be used to record depreciation on
manufacturing equipment:
Manufacturing Overhead
XXX
Accumulated Depreciation
XXX
A. True
B. False
8. If a company uses a predetermined overhead rate, actual
manufacturing overhead costs of a period will be recorded in the
Manufacturing Overhead account and will be recorded on the job cost
sheets.
a. True
b. False
Weatherhead Inc. has provided the following data for the month
of March. There were no beginning inventories; consequently, the
direct materials,...