Job Order Costing : The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing. To determine : 1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on? 2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30. 3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold. 4. Prepare journal entry to record the sales of job 3 on account. 5. Compute the gross profit for Job 3.

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Answer 1

Question

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

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Answer 2

Question

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

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Answer 3

Question

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

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Answer 4

Question

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

Expert Solution & Answer

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Answer 5

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

Answer 6

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

Answer 7

Chapter 19, Problem P19.34BPGB

To determine

Job Order Costing:

The costing system which separates each product or job for accounting purpose due to its distinct features and quality is called job order costing.

To determine:

1. Determine the type of costing system used by Sloan. What piece of data did you base your answer on?

2. Compute Sloan’s account balances for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold at October 31 and November 30.

3. Journalize the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory, and Cost of Goods Sold.

4. Prepare journal entry to record the sales of job 3 on account.

5. Compute the gross profit for Job 3.

Answer 8

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Answer 9

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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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