MANAGERIAL ACCOUNTING >C<
3rd Edition
ISBN: 9781259948503
Author: Whitecotton
Publisher: MCG CUSTOM
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Chapter 2, Problem 1.1GBP
To determine
Concept introduction:
The simplest form of accounts is maintained in T like shape in this the account title and accounts name appear on T shape. Debits always go on the left side and credit always goes the right side. Therefore, assets and expenses go on debit side. Liabilities and income always come on credit side.
To indicate:
Posting of the November transaction in T shape accounts.
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Chapter 2 Solutions
MANAGERIAL ACCOUNTING >C<
Ch. 2 - What is the difference between job order and...Ch. 2 - What types of companies are likely to use job...Ch. 2 - What types companies are likely to use process...Ch. 2 - Many service industries use job order costing to...Ch. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 1MCCh. 2 - Prob. 2MCCh. 2 - Prob. 3MCCh. 2 - Prob. 4MCCh. 2 - Prob. 5MCCh. 2 - Prob. 6MCCh. 2 - Prob. 7MCCh. 2 - Applied overhead costs are recorded a. On the left...Ch. 2 - Prob. 9MCCh. 2 - Prob. 10MCCh. 2 - Identifying Companies That Use Job Order versus...Ch. 2 - Prob. 2MECh. 2 - Prob. 3MECh. 2 - Prob. 4MECh. 2 - Prob. 5MECh. 2 - Prob. 6MECh. 2 - Prob. 7MECh. 2 - Prob. 8MECh. 2 - Prob. 9MECh. 2 - Prob. 10MECh. 2 - Prob. 11MECh. 2 - Calculating Over- or Underapplied Overhead Costs...Ch. 2 - Prob. 13MECh. 2 - Prob. 14MECh. 2 - Prob. 15MECh. 2 - Calculating Direct Materials Used in Production...Ch. 2 - Calculating Missing Amounts and Cost or Goods...Ch. 2 - Prob. 19MECh. 2 - Prob. 1ECh. 2 - Preparing Journal Entries Refer to the information...Ch. 2 - Prob. 3ECh. 2 - Preparing Journal Entries Refer to the information...Ch. 2 - Prob. 5ECh. 2 - Finding Unknown Values in the Cost of Goods...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Calculating the Cost of Finished and Unfinished...Ch. 2 - Computing Overhead Rate and Billing Rate for...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Preparing Journal Entries Floyds Auto Repair Shop...Ch. 2 - Applying Job Order Costing in a Service Setting...Ch. 2 - Prob. 24ECh. 2 - Prob. 1.1GAPCh. 2 - Prob. 1.2GAPCh. 2 - Prob. 1.3GAPCh. 2 - Prob. 1.4GAPCh. 2 - Prob. 1.5GAPCh. 2 - Preparing Journal Entries Refer to the information...Ch. 2 - Prob. 3.1GAPCh. 2 - Prob. 3.2GAPCh. 2 - Prob. 3.3GAPCh. 2 - Prob. 3.4GAPCh. 2 - Prob. 3.5GAPCh. 2 - Prob. 4.1GAPCh. 2 - Prob. 4.2GAPCh. 2 - Prob. 4.3GAPCh. 2 - Prob. 5.1GAPCh. 2 - Prob. 5.2GAPCh. 2 - Recording Manufacturing Costs and Analyzing...Ch. 2 - Prob. 5.4GAPCh. 2 - Prob. 6GAPCh. 2 - Prob. 7.1GAPCh. 2 - Prob. 7.2GAPCh. 2 - Prob. 7.3GAPCh. 2 - Prob. 7.4GAPCh. 2 - Prob. 7.5GAPCh. 2 - Prob. 8.1GAPCh. 2 - Prob. 8.2GAPCh. 2 - Prob. 8.3GAPCh. 2 - Prob. 8.4GAPCh. 2 - Prob. 8.5GAPCh. 2 - Prob. 1.1GBPCh. 2 - Prob. 1.2GBPCh. 2 - Prob. 1.3GBPCh. 2 - Prob. 1.4GBPCh. 2 - Prob. 1.5GBPCh. 2 - Prob. 2GBPCh. 2 - Prob. 3.1GBPCh. 2 - Prob. 3.2GBPCh. 2 - Prob. 3.3GBPCh. 2 - Prob. 3.4GBPCh. 2 - Prob. 3.5GBPCh. 2 - Prob. 4.1GBPCh. 2 - Prob. 4.2GBPCh. 2 - Prob. 4.3GBPCh. 2 - Recording Manufacturing Costs and Analyzing...Ch. 2 - Recording Manufacturing Costs and Analyzing...Ch. 2 - Recording Manufacturing Costs and Analyzing...Ch. 2 - Prob. 5.4GBPCh. 2 - Prob. 6GBPCh. 2 - Prob. 7.1GBPCh. 2 - Prob. 7.2GBPCh. 2 - Prob. 7.3GBPCh. 2 - Prob. 7.4GBPCh. 2 - Prob. 7.5GBPCh. 2 - Prob. 8.1GBPCh. 2 - Prob. 8.2GBPCh. 2 - Prob. 8.3GBPCh. 2 - Prob. 8.4GBPCh. 2 - Prob. 8.5GBP
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- Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: The following transactions were completed during November: a. Materials purchases on account during the month, 74,000. b. Materials requisitioned during the month: 1. Direct materials, 57,000. 2. Indirect materials, 11,000. c. Direct materials returned by factory to storeroom during the month, 1,100. d. Materials returned to vendors during the month prior to payment, 2,500. e. Payments to vendors during the month, 68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payablearrow_forwardEntries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: A. Materials purchased on account, 770,000. B. Materials requisitioned, 680,000, of which 75,800 was for general factory use. C. Factory labor used, 756,000, of which 182,000 was indirect. D. Other costs incurred on account for factory overhead, 245,000; selling expenses, 171,500; and administrative expenses, 110,600. E. Prepaid expenses expired for factory overhead were 24,500; for selling expenses, 28,420; and for administrative expenses, 16,660. F. Depreciation of factory equipment was 49,500; of office equipment, 61,800; and of office building, 14,900. G. Factory overhead costs applied to jobs, 568,500. H. Jobs completed, 1,500,000. I. Cost of goods sold, 1,375,000. Instruction Journalize the entries to record the summarized operations.arrow_forwardJOURNAL ENTRIES FOR MATERIAL. LABOR, OVERHEAD, AND SALES Alert Enterprises had the following job order transactions during the month of April. Record the transactions in the general journal, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Make compound entries for both transactions dared April 25, with separate debits for each job.arrow_forward
- Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)arrow_forwardChannel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.arrow_forwardSchumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows: Factory overhead is applied to jobs on the basis of a predetermined overhead rate of 23 per direct labor hour. The direct labor rate is 29 per hour. a. Journalize the entry to record the factory labor costs. b. Journalize the entry to apply factory overhead to production for June.arrow_forward
- Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: a. Materials purchased on account, 315,500. b. Materials requisitioned, 290,100, of which 8,150 was for general factory use. c. Factory labor used, 489,500 of which 34,200 was indirect. d. Other costs incurred on account for factory overhead, 600,000; selling expenses, 150,000; and administrative expenses, 100,000. e. Prepaid expenses expired for factory overhead were 18,000; for selling expenses, 6,000; and for administrative expenses, 5,000. f. Depreciation of office building was 30,000; of office equipment, 7,500; and of factory equipment, 60,000. g. Factory overhead costs applied to jobs, 711,600. h. Jobs completed, 1,425,000. i. Cost of goods sold, 1,380,000. Instructions Journalize the entries to record the summarized operations.arrow_forwardJOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND SALES Micro Enterprises had the following job order transactions during the month of April. Record the transactions in the general journal, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Apr.1 Purchased materials on account, 35,000. 10 Issued direct materials to Job No. 33, 10,000. 11 Issued direct materials to Job No. 34, 8,000. 12 Issued direct materials to Job No. 35, 11,000. 25 Incurred direct labor: On Job No. 33, 6,000 On Job No. 34, 4,000 On Job No. 35, 5,000 25 Applied factory overhead: To Job No. 33, 1,500 To Job No. 34, 1,200 To Job No. 35, 1,600 30 Transferred Job Nos. 3335 to the finished goods inventory account as products F, G, and H, respectively. 30 Sold products F, G, and H for 20,000, 16,000, and 22,000, respectively. 30 Actual factory overhead for Job Nos. 3335, 4,220.arrow_forwardJOB ORDER COSTING WITH UNDER- AND OVERAPPLIED FACTORY OVERHEAD M Evans Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead costs. At the end of the month, the under- or overapplied factory overhead is charged to the cost of goods sold account. Factory overhead is applied on the basis of direct labor hours. For Job Nos. 101, 102, 103, and 104, direct labor hours are 12,000, 10,000, 11,000, and 18,000, respectively. The overhead application rate is 1.20/direct labor hour (a) Purchased raw materials on account, 50,000. (b) Issued direct materials: (c) Issued indirect materials to production, 8,000. (d) Incurred direct labor costs: (e) Charged indirect labor to production, 15,000. (f) Paid electricity bill, taxes, and repair fees for the factory and charged to production, 8,000. (g) Depreciation expense on factory equipment, 30,000. (h) Applied factory overhead to Job Nos. 101-104 using the predetermined factory overhead rare (see above). (i) Finished Job Nos. 101-103 and transferred to the finished goods inventory account as products N, O, and P. (j) Sold products N and O for 50,000 and 45,400, respectively. (k) Transferred under- or overapplied factory overhead balance to the cost of goods sold account. REQUIRED 1. Prepare general journal entries to record transactions (a) through (k). Make compound entries for (b), (d), and (h), with separate debits for each job. 2. Post the entries to the work in process and finished goods T accounts only and determine the ending balances in these accounts. 3. Compute the balance in the job cost ledger and verify that this balance agrees with that in the work in process control account.arrow_forward
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