True or false 4-6 "Sub-parts to be solved."
Q: Electro Company gives warranties at the time of sale to purchasers of its product. The entity…
A: A warranty refers to a written guarantee which is issued to a purchaser by the manufacturer of a…
Q: On January 1, 2020, Everly Bottle Company sold $3,000,000 in long-term bonds. The bonds will mature…
A: The journal entry is the first stage in entering a transaction into the books of accounts. Bonds are…
Q: Problem 4 (Price/Earnings Ratio) A company has an EPS of P2.00, a book value per share of P20, and a…
A: P/E ratio= MPS/EPS MPS= 1.2*20 = P 24 P/E ratio= 24/2 = 12
Q: How to solve 4.5 parts a through d?
A: a.Calculation of Dollar Allocation to each patient services department if patient services revenue…
Q: QUESTION 4 Jeremiah invested RM100 every month into his Paradise Mutual Fund account for 8 years at…
A: First we can convert the invested amount and the interest % to annual. 1 month =100 12…
Q: 4. Calculate the amount that would be billed to Li using ABC costing. 5. Which type of billing…
A: Working note: Computation of operating overheads:
Q: Casey Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling,…
A: Given : Equivalent Units UNITS Physical Transferred Direct Conversion Units…
Q: After the success of the company's first two months, Santana Rey continues to operate Business…
A: Journal entries are prepared to record the financial and non financial transactions of the business…
Q: 5. Answer questions A B and C
A: As given, Additions to Retained Earnings = $631,000 Cash dividend paid = $100,000 Total Earnings =…
Q: Year 1 180,000 200,000 300,000 240,000 230,000 210,000 330,000 260,000 195,000 155,000 The company…
A: “Since you have asked to solve part D, E and F only, we will solve the same parts for you.” Capital…
Q: Can solve question 4 to 7?
A: Salary of the Darnell Johnson = 63500Contribution by his employer toward the retirement plan = 6% of…
Q: Question 3: Disposal of PPE On January 1, 2021, the Dayton Auto Parts Company acquired nine…
A: the student has asked to answer only the fourth one - given that, sale proceeds = $52000. written…
Q: 6. A) Write short note with one word or one sentence for the following Depreciation, Capital Assets,…
A: Depreciation: the worth of an asset decreases over a period of time due to wear and tear, usage and…
Q: Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present,…
A: Solution 4: Required Contribution margin ratio 40% Therefore, Required Variable Cost ratio 60%…
Q: . What amount of liability from lawsuit should be reported on December 31, 2021? a. 3,500,000 b.…
A: A liability is a debt that a person or company owes to another party, usually in the form of money.…
Q: 5. Miss Tina Jose borrows money from Cabanatuan Bank, which uses a simple discount rate of 14%. She…
A: Given: The discount rate is 14%. The payment made at the end of 4th month, 6th month, and 7th months…
Q: 7. In Japan, about 89 percent of transactions involve credit cards, and most Japanese have adopted…
A: Credit card A credit card is a sort of credit facility offered by banks that permits clients to…
Q: Problem 2-6 Detemining Cost of Goods Sold Howard Manufacturing Corporation incurred direct labor…
A: Cost of goods sold: The expenses incurred by the business entity in production of the goods that are…
Q: Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains…
A: Variable overhead rate variance = (Actual overhead rate - Standard overhead rate) x Actual hours…
Q: Could you answer question 4-7? Please
A: The total value of the goods still in stock in a company's inventory at the end of an accounting…
Q: P2. Park & Morgan, a law firm, is considering opening a legal clinic for middle- and low-income…
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: QUESTION 2 (CHAPTER 3) A. Umar and Osman manufacture and sell energy drinks. The drinks are sold for…
A: Utilities, Salesman salary and delivery cost includes both variable and fixed cost cause the per…
Q: Problem 4 Hero Company provided for doubtful accounts expense monthly at 3% credit sales. The…
A: financial statements provide shareholders with transparency, insights, and tools for evaluating a…
Q: QUESTION 4 Jeremiah invested RM100 every month into his Paradise Mutual Fund account for 8 years at…
A: A trade discount is offered when a manufacturer sells a product to a reseller rather than the end…
Q: On December 31, 2021, Mith Company was a defendant in a pending lawsuit.
A: Probable represents that it is definite that the liability will occur in the future therefore, it is…
Q: 1. Prepare journal entries to record the transactions
A: Date Particulars Debit Credit 1 Jan Land Common stock Paid in capital 2,500,000…
Q: Item 1. Evaporated Milk 2. Sugar 3. Ingredient Cost (IC= 1+2) 4. Processing Cost (PC = 20% of IC )…
A: Notes to Answer: Evaporated Milk = Given 1 Can = 54.00 / can Sugar = 1/2 cup = 65.00 per cup =…
Q: Engr. Dela Cruz secured two loans from Bangko ng Nueva Ecija: one for P 8,000,000 due in 3 years and…
A: First loan amount (P1) = P8,000,000 Second loan amount (P2) = P15,000,000 Semiannual period of first…
Q: a. Match each of the principles and phases in the development of an accounting system with the…
A: Assets are any resource owned by an entity which provide future benefit. Tangible assets are those…
Q: OPING A COST DATA BASE FOR MANAGERIAL ACCOUNTING Problem 2-5 Detomining Cost ol Goods Sold. The…
A: Cost of goods sold is described as an amount which is computed to measure the actual cost of the…
Q: 6
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: (Leaning Objectives 2 & 3) Durbin Pharmaceuticals manufactures an over the-counter allergy…
A: A manufacturing activity of a product consist direct and indirect costs. Direct costs can be…
Q: direct labor rate variance
A: Direct labor rate variance = (Actual Rate - Standard Rate)* Actual Hours
Q: he Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a…
A: The question is based on the concept of Cost Accounting.
Q: During 2021, Beal Company became involved in a tax dispute with the BIR. On December 31, 2021, the…
A: Accrued liabilities represent liabilities recorded when an expense has been incurred prior to cash…
Q: 4. Material Price variance. Standard direct labor rate per hour. 6. Labor Rate variance. 5.
A: Material price variance: = Standard Price × Actual Quantity - Actual price × Actual Quantity OR =…
Q: 1. What is the purpose of stock and bond markets? 2. Why do people participate in them? 3. Why are…
A: Risk sharing, cost reduction, and economies of scale are just a few of the advantages provided by…
Step by step
Solved in 2 steps
- Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods soldA new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
- A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or overapplied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102, 103, and 104, direct labor hours are 12,000, 10,000, 11,000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101-104 using the predetermined factory overhead rare (see above). (i) Finished Job Nos. 101-103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and O for 50,000 and 45,400, respectively. (k) Transferred under- or overapplied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). Make compound entries for (b), (d), and (h), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.Tuscany Products, Inc. uses a job order cost system. The following accounts have been taken from the books of the company: Required: 1. Analyze the accounts and describe in narrative form what transactions took place. (Use the reference letters a. through f. in your explanations and note that some accounts needed in your explanation have been purposely omitted.) 2. List the supporting documents or forms required to record each transaction involving the receipt or issuance of materials. 3. Determine the ending balances for Materials, Work in Process, and Finished Goods.
- JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M. Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or over applied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102,103, and 104, direct labor hours are 12, 000, 10,000, 11, 000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour. (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101104 using the predetermined factory overhead rate (see above). (i) Finished Job Nos. 101103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and for 50,000 and 45,400, respectively. (k) Transferred under- or over applied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). 2. Post the entries to the work in process and finished goods accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 17,500 111,800 26,500 61, 500 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.True
- JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORYOVERHEADM. Evans & Sons manufactures parts for radios. For each job order, itmaintains ledger sheets on which it records direct labor, direct materials, and factoryoverhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or overapplied factory overhead is charged to the cost of goods sold account.Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102, 103, and 104, direct labor hours are 12,000, 10,000, 11,000, and 18,000, respectively. The overhead application rate is $1.20/direct labor hour.(a) Purchased raw materials on account, $50,000.(b) Issued direct materials:Job No. 101: $10,000Job No. 102: 8,000Job No. 103: 9,000Job No. 104: 15,000(c) Issued indirect materials to production, $8,000.(d) Incurred direct labor costs:Job No. 101: $22,000Job No. 102: 19,000Job No. 103: 20,500Job No. 104: 30,000(e) Charged indirect…8. The warehouse management team members of a manufacturing company submits their timesheets. The entry to record their indirect labor costs to the job would include a credit to which account? Omanufacturing overhead O manufacturing wages O work-in-process inventory wages payableT F 1. Cost accounting systems measure, record, and report product costs. T F 2. A job order cost system tracks costs from materials inventory to work in process inventory to finished goods inventory to cost of goods sold. T F 3. A job order cost system provides product costs for each manufacturing department or process. T F 4. A receiving report indicates the quantity of materials received and the condition of th- materials received. T F 5. The predetermined factory overhead rates equals estimated total factory overhead costs divided by the minimum activity base. T F 6. Over-applied factory overhead occurs when less than the total factory overhead is applied. T F 7. Work in Process includes direct materials cost, direct labor cost, and applied factory overhead costs. T F 8. Period costs are added to the finished goods account. T F 8. A job order cost system can be used by managers for cost evaluation and control. T F 10. A materials ledger is a separate ledger for each type of work in…