25th Edition

ISBN: 9781264303236

Author: Wild

Publisher: MCG

Concept explainers

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 19, Problem 11E

Exercise 19-11 Overhead rate; costs assigned to jobs P3

Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $747_:500 of overhead costs and $575,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56.
1. What is the predetermined overhead rate for the year'⁷
2. Use the information on the following job cost sheet to determine the total cost of the job.
Check (2) 122,710

JOB COST SHEET

Customer's Name Keiser Co.

Job Description 5 plasma monitors—61 inch

Overhead

	Direct Materials	Direct Labor		Costs Applied
Date	Requisition No.	Amount	Time-Ticket No.	Amount	Rate Amount
Mar. 3	4-129	$5,000	T-306	$ 700
Mar. 11	4-142	7.020	T-432	1250
Mar. 13	4-167	3.330	T-456	1.250

Totals Job No. 13-56

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Chapter 19, Problem 10E

Chapter 19, Problem 12E

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Jumper Company uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process 400 Percent complete with respect to materials 65% Percent complete with respect to conversion 15% Costs in the beginning inventory: Materials cost $1,900 Conversion cost $3,000 Units started into production during the month 14,800 Units completed and transferred out during the month 13,500 Costs added to production during the month: Materials cost $ 77,885 Conversion cost Work in process, ending: $ 25,546 Units in process ? Percent complete with respect to materials 75% Percent complete with respect to conversion 25% What was the cost per equivalent unit for conversion cost?

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Chapter 19 Solutions

FUNDAMENTAL ACCOUNTING PRINCIPLES

Ch. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QS Ch. 19 - Prob. 6QS Ch. 19 - Prob. 7QS Ch. 19 - Prob. 8QS Ch. 19 - Prob. 9QS Ch. 19 - Prob. 10QS

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