Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

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Chapter 14, Problem 21RQ

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Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

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Optical Company estimates its manufacturing overhead to be $540,000 and its direct labor costs to be $450,000 for year 2. Optical worked three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $150,000. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $275,000. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $100,000. The actual manufacturing overhead for year 2 was $600,000. Manufacturing overhead is applied on the basis of direct labor costs. a) How much overhead was applied to each job in year 2? b) What was the over-or underapplied manufacturing overhead for year 2?

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Chapter 14, Problem 21RQ

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Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

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Question

Chapter 14, Problem 21RQ

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Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

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Answer 4

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Chapter 14, Problem 21RQ

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Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

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Answer 5

Chapter 14, Problem 21RQ

To determine

Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

Answer 6

Chapter 14, Problem 21RQ

To determine

Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

Answer 7

Chapter 14, Problem 21RQ

To determine

Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

Answer 8

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Ch. 14 - If a corporation overstates its earnings, are its...Ch. 14 - Prob. 2RQ Ch. 14 - Prob. 3RQ Ch. 14 - Prob. 4RQ Ch. 14 - Prob. 5RQ Ch. 14 - Prob. 6RQ Ch. 14 - Prob. 7RQ Ch. 14 - Prob. 8RQ Ch. 14 - List the major responsibilities of an accounts...Ch. 14 - Prob. 10RQ

Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

Solution Summary: The author explains three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

Explain three audit procedures that are directly or indirectly related to the disclosure of the unrecorded accounts payable.

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