Job order costing : Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced. To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

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Answer 1

Question

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

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The comparative balance sheets and an income statement for Raceway Corporation follow. Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $ 6,300 $ 48,400 Accounts receivable 10,200 7,260 Inventory 45,200 56,000 Prepaid rent 700 2,140 Equipment 140,000 144,000 Accumulated depreciation (73,400) (118,000) Land 116,000 50,000 Total assets $ 245,000 $ 189,800 Liabilities Accounts payable (inventory) $ 37,200 $ 40,000 Salaries payable 12,200 10,600 Stockholders’ equity Common stock, $50 par value 150,000 120,000 Retained earnings 45,600 19,200 Total liabilities and stockholders’ equity $ 245,000 $ 189,800 Income Statement For the Year Ended December 31, Year 2 Sales $ 480,000 Cost of goods sold (264,000) Gross profit 216,000 Operating expenses Depreciation expense (11,400) Rent expense (7,000) Salaries expense (95,200) Other operating expenses (76,000) Net income $ 26,400 Other Information Purchased…

Please help holy tamale I have been staring at this for hours.

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Answer 2

Question

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

Answer 6

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

Answer 7

Chapter 20, Problem 20.2E

(a)

To determine

Job order costing:

Job order costing is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.

To prepare: The journal entries to record the (1) requisition slips (2) the time tickets (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Jon No. 429.

Answer 8

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

Answer 9

(b)

To determine

To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 20 - Prob. 1Q Ch. 20 - Prob. 2Q Ch. 20 - Prob. 3Q Ch. 20 - Prob. 4Q Ch. 20 - Prob. 5Q Ch. 20 - Prob. 6Q Ch. 20 - Prob. 7Q Ch. 20 - Prob. 8Q Ch. 20 - Prob. 9Q Ch. 20 - Prob. 10Q

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To post: The entries to work in process inventory and prove the agreement of the control account with the job cost sheets.

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