Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

5th Edition

ISBN: 9780134642093

Author: Karen W. Braun, Wendy M. Tietz

Publisher: PEARSON

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…

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Textbook Question

Chapter 11, Problem 11.31AE

Make journal entries in a standard costing system (Learning Objective 7)

Refer to the Country Designs data set. Assume the company uses a standard cost accounting system.

Requirements

1. Record Country Designs’ direct material and direct labor journal entries.
2. Record Country Designs’ journal entries for manufacturing overhead, including the entry that records the overhead variances and closes the Variable and Fixed Manufacturing Overhead accounts.
3. Record the journal entries for the completion and sale of the 1,300 flower pots, assuming Country Designs sold (on account) all of the flower pots at a sales price of $500 each. (There were no beginning or ending inventories.)

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Chapter 11, Problem 11.30AE

Chapter 11, Problem 11.32AE

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Chapter 11 Solutions

Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

Ch. 11 - (Learning Objective 1) Which of the following is...Ch. 11 - (Learning Objective 2) The direct material price...Ch. 11 - Prob. 3QC Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - (Learning Objective 4) Which of the following is...Ch. 11 - Prob. 7QC Ch. 11 - (Learning Objective 6) Which of the following is...Ch. 11 - Prob. 9QC Ch. 11 - (Learning Objective 7Appendix) Which of the...

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Solution Summary: The author explains how to record the direct material and direct labor journal entries of the company.

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