Cost of goods sold: Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads . Direct Material cost: Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle. Direct Labor Cost: Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile. the amount of cost of goods sold of E incorporation.

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PLEASE HELP. FILL ALL CELLS FROM LEFT TO RIGHT. Notice, the dropdowns are choosing whether its a debit or credit.

Answer 1

Question

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

(b)

To determine

the amount of direct material cost of E incorporation.

(c)

To determine

the amount of direct labor cost of E incorporation.

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PLEASE HELP. FILL ALL CELLS FROM LEFT TO RIGHT. Notice, the dropdowns are choosing whether its a debit or credit.

Please do part b please.

Please fill all cells!

Answer 2

Question

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

(b)

To determine

the amount of direct material cost of E incorporation.

(c)

To determine

the amount of direct labor cost of E incorporation.

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Answer 3

Question

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

(b)

To determine

the amount of direct material cost of E incorporation.

(c)

To determine

the amount of direct labor cost of E incorporation.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

(b)

To determine

the amount of direct material cost of E incorporation.

(c)

To determine

the amount of direct labor cost of E incorporation.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

(b)

To determine

the amount of direct material cost of E incorporation.

(c)

To determine

the amount of direct labor cost of E incorporation.

Answer 6

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

Answer 7

Chapter 2, Problem 2E

(a)

To determine

Cost of goods sold:

Cost of goods sold is the accumulated total of all the direct costs incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Direct Material cost:

Direct material cost is the cost of the material which is directly involved in the production. It constitutes the major portion of the total cost of the finished product. For example: The cost of plastic is the direct material for manufacturing a bottle.

Direct Labor Cost:

Direct labor cost is the cost of the labor paid to the employees who are directly involved in converting the raw materials to the finished products. It constitutes the major portion of the total cost of the finished product. For example: Wages paid to the mechanic for repairing an automobile.

the amount of cost of goods sold of E incorporation.

Answer 8

(b)

To determine

the amount of direct material cost of E incorporation.

Answer 9

(b)

To determine

the amount of direct material cost of E incorporation.

Answer 10

(c)

To determine

the amount of direct labor cost of E incorporation.

Answer 11

(c)

To determine

the amount of direct labor cost of E incorporation.

Answer 12

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Answer 23

Ch. 2 - A. Name two principal types of cost accounting...Ch. 2 - What kind of firm would use a job order cost...Ch. 2 - Which account is used in the job order cost system...Ch. 2 - What document is the source for (A) debiting the...Ch. 2 - What is a job cost sheet?Ch. 2 - Prob. 6DQ Ch. 2 - Discuss how the predetermined factory overhead...Ch. 2 - A. How is a predetermined factory overhead rate...Ch. 2 - Prob. 9DQ Ch. 2 - Describe how a job order cost system can be used...

Solution Summary: The author calculates the cost of goods sold of E incorporation by deducting gross profit of the year from sales revenue.

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the amount of direct material cost of E incorporation.

the amount of direct labor cost of E incorporation.

Chapter 2 Solutions