1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead . 2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale. 3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead. 4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top. The Rules for preparing the T-Shape Accounts is mentioned below: Nature of Account Debit Side Credit Side Asset Account Increases Decrease Liabilities Account Decreases Increase Revenue Account Decreases Increase Expenses Account Increases Decrease Capital Account Decreases Increase To Calculate: a. Work in Process inventory as on July 31 b. Finished Goods Inventory at July 31. c. Cost of Goods Sold for July

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Answer 1

Question

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

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Use the following data to find the total direct labor cost variance if the company produced 4,200 units during the period. Direct labor standard (5 hrs. @ $7/hr.): $35 . Actual hours worked: 4,200 • Actual rate per hour: $7.80 a. $10,920 Favorable b. $10,920 Unfavorable c. $18,540 Favorable d. $3,285 Unfavorable e. $114,240 Favorable

The predetermined overhead rate for Bright Co. is $12, which includes a variable overhead rate of $8 and a fixed overhead rate of $4. The budgeted overhead costs at a normal capacity of 50,000 direct labor hours were divided by the normal capacity of 50,000 hours to arrive at the predetermined overhead rate of $12. The actual overhead for August was $20,000 for variable costs and $15,000 for fixed costs. The standard hours allowed for the product produced in August were 4,000 hours. What is the total overhead variance? A. $20,000 U B. $21,000 F C. $13,000 U D. $23,000 F

Answer 2

Question

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

Expert Solution & Answer

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Answer 3

Question

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

Expert Solution & Answer

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Answer 4

Question

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

Expert Solution & Answer

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Answer 5

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

Answer 6

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

Answer 7

Chapter 19, Problem E19.17E

To determine

Concept Introduction:

1. Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

2. Finished Goods : Finished goods are the goods which have completed the production process and are ready for sale.

3. Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

4. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

The Rules for preparing the T-Shape Accounts is mentioned below:

Nature of Account Debit Side Credit Side

Asset Account Increases Decrease

Liabilities Account Decreases Increase

Revenue Account Decreases Increase

Expenses Account Increases Decrease

Capital Account Decreases Increase

To Calculate:

a. Work in Process inventory as on July 31

b. Finished Goods Inventory at July 31.

c. Cost of Goods Sold for July

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 19 - Prob. 1QC Ch. 19 - When a manufacturing company uses direct...Ch. 19 - When a manufacturing company uses indirect...Ch. 19 - When a manufacturing company uses direct labor, it...Ch. 19 - What is Gell's predetermined overhead allocation...Ch. 19 - What is Gell's actual manufacturing overhead cost?...Ch. 19 - How much manufacturing overhead would Gell...Ch. 19 - What entry would Gell make to adjust the...Ch. 19 - A manufacturing company completed work on a job....Ch. 19 - Prob. 10QC

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Chapter 19 Solutions

Nature of Account	Debit Side	Credit Side
Asset Account	Increases	Decrease
Liabilities Account	Decreases	Increase
Revenue Account	Decreases	Increase
Expenses Account	Increases	Decrease
Capital Account	Decreases	Increase