Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations. Major deficiencies and inefficiencies present in the process.

Question

Please explain the solution to this general accounting problem with accurate principles.

Answer 1

Question

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

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Please explain the solution to this general accounting problem with accurate principles.

Steel Manufacturing uses a job order costing system. During one month, Steel purchased $188,000 of raw materials on credit; issued materials to the production of $215,000 of which $10,000 were indirect. Steel incurred a factory payroll of $159,000, of which $20,000 was indirect labor. Steel uses a predetermined overhead rate of 150% of direct labor cost. The total manufacturing costs added during the period are___.

Financial Accounting

Answer 2

Question

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

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Answer 3

Question

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

Expert Solution & Answer

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Answer 4

Question

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

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Answer 5

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

Answer 6

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

Answer 7

Chapter 11, Problem 10RQSC

a.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In a business corporation variety of inventories are procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Major deficiencies and inefficiencies present in the process.

Answer 8

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

Answer 9

b.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Steps required to improve the process.

Answer 10

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

Answer 11

c.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

The importance to have segregation between purchasing, receiving and payment function.

Answer 12

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

Answer 13

d.

To determine

Introduction: Inventories are complex items, which are subject to manipulations. In business corporations,a variety of inventories procured or manufactured having different shapes, sizes, and different values. So it is very important to place a well-established procedure to keep an eye on these manipulations.

Preliminary assessment of control risk, substantive testing of related account balances, substantive procedures related to the audit of inventory, expense, payables, and other related accounts.

Answer 14

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Answer 25

Ch. 11 - Prob. 3CYBK Ch. 11 - Prob. 11CYBK Ch. 11 - Prob. 7RQSC Ch. 11 - Prob. 10RQSC Ch. 11 - Prob. 28RQSC Ch. 11 - Prob. 38RQSC

Chapter 11 Solutions