Job order costing : Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job. Predetermined Overhead allocation rate: The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base. The formula to calculate the Predetermined Overhead allocation rate is as follows: P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = T o t a l E s t i m a t e d o v e r h e a d c o s t T o t a l E s t i m a t e d a l l o c a t i o n b a s e Requirement-1: The Predetermined Overhead allocation rate for the year

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Answer 1

Question

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

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Subject: Financial Accounting-The Banner Income Fund's average daily total assets were $100 million for the year just completed. Its stock purchases for the year were $20 million, while its sales were $12.5 million. What was its turnover?

What is the net income of this accounting question?

Answer 2

Question

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Expert Solution & Answer

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See solution

Answer 5

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Answer 6

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

Answer 7

Chapter 19, Problem P19.30APGA

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client’s order. As its names suggest, Job order costing is costing done for a particular job.

Predetermined Overhead allocation rate:

The Predetermined Overhead allocation rate is used to allocate the manufacturing overhead over the jobs. Predetermined Overhead allocation rate is calculated by dividing the Total Estimated overhead cost by the Total Estimated allocation base.

The formula to calculate the Predetermined Overhead allocation rate is as follows:

$P r e d e t e r m i n e d O v e r h e a d a l l o c a t i o n r a t e = \frac{T o t a l E s t i m a t e d o v e r h e a d c o s t}{T o t a l E s t i m a t e d a l l o c a t i o n b a s e}$

Requirement-1:

The Predetermined Overhead allocation rate for the year

Answer 8

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

Answer 9

To determine

Requirement -2:

To Prepare: The Journal entries to record the events

Answer 10

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

Answer 11

To determine

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

Answer 12

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

Answer 13

To determine

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

Answer 14

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

Answer 15

To determine

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

Answer 16

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Answer 17

To determine

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

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

Concept explainers

Videos

Requirement -2:

To Prepare: The Journal entries to record the events

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover

Want to see the full answer?

Chapter 19 Solutions

Concept explainers

Videos

Requirement -2: To Prepare: The Journal entries to record the events

Requirement -3: To Prepare: The T accounts for Work in process inventory and finished goods inventory

Requirement -4: To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

Requirement -5: To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

Requirement -6: The gross profit on the houses sold and the costs that gross profit should cover

Want to see the full answer?

Chapter 19 Solutions

Requirement -2:

To Prepare: The Journal entries to record the events

Requirement -3:

To Prepare: The T accounts for Work in process inventory and finished goods inventory

Requirement -4:

To show: The Cost of unfinished housed matching with the ending balance in work in process inventory account

Requirement -5:

To show: The Cost of Finished houses not yet sold matching with the ending balance in finished goods inventory account

Requirement -6:

The gross profit on the houses sold and the costs that gross profit should cover