Accounting (Text Only)
26th Edition
ISBN: 9781285743615
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 19, Problem 19.4APR
Analyzing
Fire Rock Company manufactures Designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:
In addition, the following information is available:
a . Materials and direct labor were applied to the following jobs in June:
b. factory
c. The June 1 Work in Process balance consisted of two job as follows:
| Job No. | Style | Work In Process, June 1 |
| 201 | T100 | $16,500 |
| 202 | T200 | 44,000 |
| Total | $60,500 |
d. Customer jobs completed and units sold in June were as follows:
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
2. Determine the June 50 balances for each of the inventory accounts and factor overhead.
Expert Solution & Answer
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June production generated the following activity in Barge Chassis Company's Work-in-Process Inventory account:
(Click the icon to view the activity.)
Additionally, Barge has completed Jobs 142 and 143, with total costs of $46,000 and $45,000, respectively.
Read the requirements.
Data table
June 1 balance
Direct materials used
Direct labor assigned to jobs
Manufacturing overhead allocated to jobs
Print
Done
$
18,000
26,000
38,000
19,000
Requirements
4
1. Prepare the journal entry for production completed in June.
2. Open a T-account for Work-in-Process Inventory Post the journal entry made
in Requirement 1. Compute the ending balance in the Work-in-Process
Inventory account on June 30.
Print
<- x
3. Prepare the journal entry to record the sale on account of Job 143 for
$52,000. Also, prepare the journal entry to record Cost of Goods Sold for Job
143.
4. What is the gross profit on Job 143?
Done
ion on the last line of the journal en
Chapter 19 Solutions
Accounting (Text Only)
Ch. 19 - a. Name two principal types of cost accounting...Ch. 19 - What kind of firm would use a job order cost...Ch. 19 - Prob. 3DQCh. 19 - Prob. 4DQCh. 19 - What is a job cost sheet?Ch. 19 - Prob. 6DQCh. 19 - Discuss how the predetermined factory overhead...Ch. 19 - a. How is a predetermined factory overhead rate...Ch. 19 - a. What is (1) overapplied factory overhead and...Ch. 19 - Describe how a job order cost system can be used...
Ch. 19 - Issuance of materials On April 6, Almerinda...Ch. 19 - Issuance of materials On August 4, Rothchild...Ch. 19 - Prob. 19.2APECh. 19 - Direct labor costs During August, Rothchild...Ch. 19 - Factory overhead costs During April, Almerinda...Ch. 19 - Factory overhead costs During August, Rothchild...Ch. 19 - Applying factory overhead Almerinda Company...Ch. 19 - Applying factory overhead Rothchild Company...Ch. 19 - Job costs At the end of April, Almerinda Company...Ch. 19 - Job costs At the end of August, Rothchild Company...Ch. 19 - Cost of goods sold Hosmer Company completed...Ch. 19 - Cost of goods sold Skeleton Company completed...Ch. 19 - Transactions in a job order cost system Five...Ch. 19 - Cost flow relationships The following information...Ch. 19 - Prob. 19.3EXCh. 19 - Entry for issuing materials Materials issued for...Ch. 19 - Entries for materials Eclectic Ergonomics Company...Ch. 19 - Prob. 19.6EXCh. 19 - Entry for factory labor costs The weekly time...Ch. 19 - Entries for direct labor and factory overhead Dash...Ch. 19 - Factory overhead rates, entries, and account...Ch. 19 - Predetermined factory overhead rate Spring Street...Ch. 19 - Predetermined factory overhead rate Poehling...Ch. 19 - Entry for jobs completed; cost of unfinished jobs...Ch. 19 - Entries for factory costs and jobs completed Old...Ch. 19 - Financial statements of a manufacturing firm The...Ch. 19 - Decision making with job order costs Alvarez...Ch. 19 - Decision making with job order costs Raneri...Ch. 19 - Job order cost accounting for a Service company...Ch. 19 - Job order cost accounting for a service company...Ch. 19 - Entries for costs in a job order cost system...Ch. 19 - Entries and schedules for unfinished jobs and...Ch. 19 - Job order cost sheet Remnant Carpet Company sells...Ch. 19 - Analyzing manufacturing cost accounts Fire Rock...Ch. 19 - Prob. 19.5APRCh. 19 - Entries for costs in a job order cost system Royal...Ch. 19 - Entries and schedules for unfinished Jobs and...Ch. 19 - Job order cost sheet Stretch and Trim Carpet...Ch. 19 - Analyzing manufacturing cost accounts Clapton...Ch. 19 - Prob. 19.5BPRCh. 19 - Managerial analysis The controller of the plant of...Ch. 19 - Job order decision making and rate deficiencies...Ch. 19 - Factory overhead rate Salvo Inc., a specialized...Ch. 19 - Prob. 19.4CPCh. 19 - Prob. 19.5CP
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