Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts. Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost. Requirement 1 To Prepare and Determine 1. Cost Sheet for completing the Job 423 2. Predetermined Overhead Allocation Rate for Yu Technology Co.

Question

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Answer 1

Question

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Expert Solution & Answer

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Answer 2

Question

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Answer 6

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

Answer 7

Chapter 19, Problem P19.29APGA

To determine

Concept Introduction:

Job Costing: Job costing is one of method of costing. In this method cost are accumulated according to the jobs and contracts.

Cost Sheet: Cost sheet is the statement showing the components of cost incurred for production of particular product.The cost components are material cost , labor cost and overhead cost.

Requirement 1

To Prepare and Determine

1. Cost Sheet for completing the Job 423

2. Predetermined Overhead Allocation Rate for Yu Technology Co.

Answer 8

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

Answer 9

To determine

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

Answer 10

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Answer 11

To determine

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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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Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.

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Chapter 19 Solutions

Concept explainers

Videos

Requirement No. 2 To Prepare: 1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

Requirement No.3 To Prepare 1. Journal Entries for Completing the Job and sale of Job 423.

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Chapter 19 Solutions

Requirement No. 2

To Prepare:

1. Journalize the transaction related to Material cost, labor cost and overhead Allocation.

Requirement No.3

To Prepare

1. Journal Entries for Completing the Job and sale of Job 423.