Work in Progress inventory means the stock which is still in the process of production. Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale. Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market. Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost. Requirement-1: To calculate: Overhead Applied on job.

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Answer 1

Question

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

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Using job order costing in a service company Bluebird Design, Inc. is a Web site design and consulting firm. The firm uses a job order costing system in which each client is a different job. Bluebird Design assigns direct labor, licensing costs, and travel costs directly to each job. It allocates indirect costs to jobs based on a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2018, managing partner Sally Simone prepared the following budget estimates: In November 2018, Bluebird Design served several clients. Records for two clients appear here: Requirements Compute Bluebird Designs direct labor rate and its predetermined overhead allocation rate for 2018. Compute the total cost of each job. If Simone wants to earn profits equal to 50% of service revenue, what fee should she charge each of these two clients? Why does Bluebird Design assign costs to jobs?

Answer 2

Question

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

Answer 6

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

Answer 7

Chapter 2, Problem 13E

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production.

Finished Goods inventory means those goods on which the work of production is completed,and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-1:

To calculate:

Overhead Applied on job.

Answer 8

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

Answer 9

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-2:

To calculate:

Total cost of the job

Answer 10

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

Answer 11

To determine

Concept introduction:

Work in Progress inventory means the stock which is still in the process of production the work on these goods still not completed.

Finished Goods inventory means those goods on which the work of production is completed and they are available for sale.

Cost of goods sold means calculate the amount of cost on that inventory which is sold in the market.

Cost of the production is equal to material cost plus labor cost plus manufacturing overhead cost.

Requirement-3:

To calculate:

Profit over the job

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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. 5Q Ch. 2 - Prob. 6Q Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q

Solution Summary: The author explains the concept of Work in Progress inventory and Finished Goods inventory. Cost of goods sold is equal to material cost plus labor cost and manufacturing overhead cost.

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