Journal Entry : A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount. T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly. Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance . Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services. Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system. Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold. 1. To Prepare: The journal entry for production completed in June.

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Answer 1

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

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General Account

Blue Sky Company reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $130 per unit. Production costs: Direct materials per unit Direct lavor per unit Variable overhead per unit Fixed overhead for the year $ 54 $ 20 $6 $ 4,62,000 Selling and administrative cost: Variable selling and administrative cost per unit Fixed selling and administrative cost per year Assume that this company uses variable costing. $ 9 $ 1,10,000 a. Determine its unit product cost (Omit the '$' sign in your response.) b. Prepare its income statement for the year under variable costing. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the '$' sign in your response.)

Answer 2

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

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Answer 3

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

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Answer 4

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

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Answer 5

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

Answer 6

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

Answer 7

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

Answer 8

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

Answer 9

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

Answer 10

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

Answer 11

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

Answer 12

To determine

4.

To Calculate: The gross profit on Job 143.

Answer 13

To determine

4.

To Calculate: The gross profit on Job 143.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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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2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

4.

To Calculate: The gross profit on Job 143.

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Chapter 19 Solutions

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2. To Open: A T-account for Work-in-Process Inventory. To Post: The journal entry made in Requirement 1. To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

3. To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

4. To Calculate: The gross profit on Job 143.

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Chapter 19 Solutions

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

4.

To Calculate: The gross profit on Job 143.