Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data. The Following Journal Entries are made for cost Records: Particulars Amount (In $) Debit Amount(In $) Credit -For Purchase of Material xxxxx Material Control A/c………………..Dr. xxxxx To Cash/Accounts Payable A/c -For Issue of Material for Production xxxxx Work in Process Inventory A/c………..Dr. Xxxx To Material Control A/c -For issue of Material for indirect use Xxxxx Manufacturing Overhaed A/c………….Dr. xxxx To Material Control A/c -For Amount paid towards Wages xxxx Wages Control A/c……………Dr. xxxx To Cash A/c/Wages Payable A/c -For utilisation of Labor towards production Xxxxx Work in Process Inventory A/c………..Dr. Xxxx To Wages Control A/c -For utilisation of labor for indirect use Xxxxx Manufacturing Overhead A/c……………Dr. Xxxxx To Wages Control A/c -For Charging Actual Overhead Cost Xxxxx Manufacturing Overhead A/c………Dr. Xxxxx To Deprecaition A/c To Overhead Expense A/c -For Allocating Overhead for production Xxxx Work in Process Inventory A/c………….Dr. Xxxxx To Manufacturing Overhead A/c -For Adjsuting Over Allocation of Overhead Xxxx Manufacturing Overhead A/c…………Dr. xxxxx To Cost of Goods Sold A/c -For Adjusting Under Allocation of Overhead xxxx Cost of Goods Sold A/c………………Dr. xxxx To Manufacturing Overhead A/c Requirement 1 To Determine 1. The amount missing in the Cost Records of Company. a. Amount in credit side of Raw Material Inventory Account b. Amount in Debit Side of Work in Process Inventory Account c. Amount in Debit side of Finished Goods Inventory Account d. Amount in credit side of finished goods inventory account e. Amount in credit side of wages payable account f. Amount in credit side of Manufacturing Overhead Account g. Amount in Debit side of Cost of Goods Sold Account

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Answer 1

Question

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

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Mega Company believes the price of oil will increase in the coming months. Therefore, it decides to purchase call options on oil as a price-risk-hedging device to hedge the expected increase in prices on an anticipated purchase of oil. On November 30, 20X1, Mega purchases call options for 14,000 barrels of oil at $30 per barrel at a premium of $2 per barrel with a March 1, 20X2, call date. The following is the pricing information for the term of the call: Date Spot Price Futures Price (for March 1, 20X2, delivery) November 30, 20X1 $ 30 $ 31 December 31, 20X1 31 32 March 1, 20X2 33 The information for the change in the fair value of the options follows: Date Time Value Intrinsic Value Total Value November 30, 20X1 $ 28,000 $ –0– $ 28,000 December 31, 20X1 6,000 14,000 20,000 March 1, 20X2 42,000 42,000 On March 1, 20X2, Mega sells the options at their value on that date and acquires 14,000 barrels of oil at the spot price. On June 1, 20X2, Mega sells the…

Answer 2

Question

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

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Answer 3

Question

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

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Answer 4

Question

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

Expert Solution & Answer

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See solution

Answer 5

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

Answer 6

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

Answer 7

Chapter 19, Problem E19.26E

To determine

Concept Introduction:

Cost Records: Cost records are the data showing the amount incurred for manufacturing the product or providing the services. The company usually maintain their cost records as integrated system of accounting. In integrated system the cost and financial information are maintained in same set of data.

The Following Journal Entries are made for cost Records:

Particulars Amount (In $) Debit Amount(In $) Credit

-For Purchase of Material xxxxx

Material Control A/c………………..Dr. xxxxx

To Cash/Accounts Payable A/c

-For Issue of Material for Production xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Material Control A/c

-For issue of Material for indirect use Xxxxx

Manufacturing Overhaed A/c………….Dr. xxxx

To Material Control A/c

-For Amount paid towards Wages xxxx

Wages Control A/c……………Dr. xxxx

To Cash A/c/Wages Payable A/c

-For utilisation of Labor towards production Xxxxx

Work in Process Inventory A/c………..Dr. Xxxx

To Wages Control A/c

-For utilisation of labor for indirect use Xxxxx

Manufacturing Overhead A/c……………Dr. Xxxxx

To Wages Control A/c

-For Charging Actual Overhead Cost Xxxxx

Manufacturing Overhead A/c………Dr. Xxxxx

To Deprecaition A/c
To Overhead Expense A/c

-For Allocating Overhead for production Xxxx

Work in Process Inventory A/c………….Dr. Xxxxx

To Manufacturing Overhead A/c

-For Adjsuting Over Allocation of Overhead Xxxx

Manufacturing Overhead A/c…………Dr. xxxxx

To Cost of Goods Sold A/c

-For Adjusting Under Allocation of Overhead xxxx

Cost of Goods Sold A/c………………Dr. xxxx

To Manufacturing Overhead A/c

Requirement 1

To Determine

1. The amount missing in the Cost Records of Company.

a. Amount in credit side of Raw Material Inventory Account

b. Amount in Debit Side of Work in Process Inventory Account

c. Amount in Debit side of Finished Goods Inventory Account

d. Amount in credit side of finished goods inventory account

e. Amount in credit side of wages payable account

f. Amount in credit side of Manufacturing Overhead Account

g. Amount in Debit side of Cost of Goods Sold Account

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

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

Particulars	Amount (In $) Debit	Amount(In $) Credit
-For Purchase of Material	xxxxx
Material Control A/c………………..Dr.		xxxxx
To Cash/Accounts Payable A/c
-For Issue of Material for Production	xxxxx
Work in Process Inventory A/c………..Dr.		Xxxx
To Material Control A/c
-For issue of Material for indirect use	Xxxxx
Manufacturing Overhaed A/c………….Dr.		xxxx
To Material Control A/c
-For Amount paid towards Wages	xxxx
Wages Control A/c……………Dr.		xxxx
To Cash A/c/Wages Payable A/c
-For utilisation of Labor towards production	Xxxxx
Work in Process Inventory A/c………..Dr.		Xxxx
To Wages Control A/c
-For utilisation of labor for indirect use	Xxxxx
Manufacturing Overhead A/c……………Dr.		Xxxxx
To Wages Control A/c
-For Charging Actual Overhead Cost	Xxxxx
Manufacturing Overhead A/c………Dr.		Xxxxx
To Deprecaition A/c To Overhead Expense A/c
-For Allocating Overhead for production	Xxxx
Work in Process Inventory A/c………….Dr.		Xxxxx
To Manufacturing Overhead A/c
-For Adjsuting Over Allocation of Overhead	Xxxx
Manufacturing Overhead A/c…………Dr.		xxxxx
To Cost of Goods Sold A/c
-For Adjusting Under Allocation of Overhead	xxxx
Cost of Goods Sold A/c………………Dr.		xxxx
To Manufacturing Overhead A/c