Job costing is the process of assigning the costs to a specific job in the business. To Find: 1. Costing system used in Clement. 2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold. 3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November. 4. Recording of sale $2,300 for Job No. 3 5. Gross Profit for Job 3

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Answer 1

Question

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

To determine

To Find: Recording of sale $2,300 for Job No. 3

To determine

To Find: Gross Profit for Job 3

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?

The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/25 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 99,700 Factory Machinery Depreciation 17,100 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/24 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/25 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Cash 39,200 SPLISH BROTHERS COMPANY Income Statement (Partial) $

Answer 2

Question

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

To determine

To Find: Recording of sale $2,300 for Job No. 3

To determine

To Find: Gross Profit for Job 3

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

To determine

To Find: Recording of sale $2,300 for Job No. 3

To determine

To Find: Gross Profit for Job 3

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

To determine

To Find: Recording of sale $2,300 for Job No. 3

To determine

To Find: Gross Profit for Job 3

Expert Solution & Answer

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Answer 5

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

To determine

To Find: Recording of sale $2,300 for Job No. 3

To determine

To Find: Gross Profit for Job 3

Answer 6

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

Answer 7

Chapter 19, Problem P19.28APGA

To determine

Introduction: Job costing is the process of assigning the costs to a specific job in the business.

To Find: 1. Costing system used in Clement.

2. Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

3. Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

4. Recording of sale $2,300 for Job No. 3

5. Gross Profit for Job 3

Answer 8

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

Answer 9

To determine

To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

Answer 10

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

Answer 11

To determine

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

Answer 12

To determine

To Find: Recording of sale $2,300 for Job No. 3

Answer 13

To determine

To Find: Recording of sale $2,300 for Job No. 3

Answer 14

To determine

To Find: Gross Profit for Job 3

Answer 15

To determine

To Find: Gross Profit for Job 3

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

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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To Find: Account Balances at November 30 for work-in-progress inventory, Finished Goods Inventory and cost of goods sold.

To Find: Journal entries to record the transfer of completed jobs from work-in-progress to finished goods inventory for October and November.

To Find: Recording of sale $2,300 for Job No. 3

To Find: Gross Profit for Job 3

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Chapter 19 Solutions