XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: Cost of Goods Sold to be overstated by OMR 12,000 for the year. O a. O b. Work in Process to be understated by OMR 12,000 at year end. O c. Finished Goods to be overstated by OMR 12,000 for the year. c. O d. None of the given answer is correct O e. Finished Goods to be understated by OMR 12,000 at the end of the year.

XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: Cost of Goods Sold to be overstated by OMR 12,000 for the year. O a. O b. Work in Process to be understated by OMR 12,000 at year end. O c. Finished Goods to be overstated by OMR 12,000 for the year. c. O d. None of the given answer is correct O e. Finished Goods to be understated by OMR 12,000 at the end of the year.

Name: XYZ company uses a job-order costing system. In reviewing its records
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Description: XYZ company uses a job-order costing system. In reviewing its records atthe end of the year, the company has discovered that OMR 12,000 of rawmaterials has been drawn from the storeroom and used in the production ofJob PS5, journalized twice in the

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 11E: Leen Production Co. uses the job order cost system of accounting. The following information was...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following costs: During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. 2. Calculate the ending balance for each job as of August 31. 3. Calculate the ending balance of Work in Process as of August 31. 4. Calculate the cost of goods sold for August. 5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairles sales revenue for August.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O C. None of the given answer is correct O d. Finished Goods to be overstated by OMR 12,000 at the end of the year. Work in Process to be understated by OMR 12,000 at Oe. year end. étv MacBook Air
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Finished Goods to be overstated by OMR 12,000 for the year. O b. Finished Goods to be understated by OMR 12,000 at the end of the year. C. None of the given answer is correct d. Cost of Goods Sold to be overstated by OMR 12,000 for the year. e. Work in Process to be understated by OMR 12,000 at year end.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a Cost of Goods Sold to be overstated by OMR 12,000 for the year. b.Finished Goods to be understated by OMR 12,000 at the end of the year. c. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. d. None of the given answer is correct e. Work in Process to be understated by OMR 12,000 at year end.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Finished Goods to be understated by OMR 12,000 at the end of the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O. Cost of Goods Sold to be understated by OMR 12,000 for the year. d. None of the given answer is correct Oe Work in Process to be understated by OMR 12,000 at year end. CLEAR MY CHOICE
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job has been completed and sold at year end. This error will cause: a. Work in Process to be understated by OMR 12,000 at year end. bNone of the given answer is correct . Finished Goods to be understated by OMR 12,000 at the end of the year. d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Cost of Goods Sold to be understated by 12,000 for the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a. Work in Process to be understated by OMR 12,000 at year end. O b. None of the given answer is correct С. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Finished Goods to be overstated by OMR 12,000 at the end of the year.
e. 34 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Finished Goods to be understated by OMR 12,000 at the end of the year. Oc Work in Process to be understated by OMR 12.000 at year end. O d. Finished Goods to be overstated by OMR 12,000 for the year. O e. None of the given answer is correct AGE NEXT PAGE
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct Ob. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O c. Work in Process to be understated by OMR 12,000 at year end. O d. Finished Goods to be overstated by OMR 12,000 at the end of the year. O e.. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.
Tomlison Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Cost of goods manufactured $ 1,589,000 Cost of goods sold (unadjusted) $. 1,517,000 The journal entry to record the unadjusted Cost of Goods Sold is Debit: Finished Goods 1,517,000 Credit: Cost of Goods Sold 1,517,000 Debit: Finished Good 1,589,000 Credit: Cost of Goods Sold 1,589,000 Debit: Cost of Goods Sold 1,589,000 Credit: Finished Goods 1,5R9,000 O Debit: Cost of Goods Sold 1,517,000 Credit: Finished Goods 1,517,000
Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Debit Balance 1/1 Debits Balance 12/31 Multiple Choice $453,000 $415,000 $403,000 Finished Goods The Cost of Goods Manufactured for the year was $415,000. The unadjusted Cost of Goods Sold for the year was: $503,000 38,000 Credits ? 50,000 Credit ?