17th Edition

ISBN: 9781323461471

Author: Horngren

Publisher: PEARSON C

Concept explainers

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…

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Textbook Question

Chapter 20, Problem P20.36APGA

Preparing a production cost report, no beginning WIP or cost transferred in

Lori Electronics nukes DVD players in three processes: assembly, programming, and packaging. Direct materials are added at the beginning of the assembly process. Conversion costs are incurred evenly throughout the process. The Assembly Department had no Work-in-Process Inventory on March 31. In mid-April, Lori Electronics started production on 95,000 DVD players. Of this number, 68,000 DVD players were assembled during April and transferred out to the Programming Department. The April 30 Work-in-Process Inventory in the Assembly Department was 30% of the way through the assembly process. Direct materials costing $280,250 were placed in production in Assembly during April, direct labor of $152,712 was assigned, and manufacturing overhead of $69,500 was allocated to that department.

Requirements

Prepare a production cost report for the Assembly Department for April.
Prepare a T-account for Work-in-Process Inventory-Assembly to show its activity during April, including the April 30 balance.

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Chapter 20, Problem P20.35APGA

Chapter 20, Problem P20A.37APGA

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Chapter 20 Solutions

ACCOUNTING PRINCIPLES 122 5/16 >C<

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

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