1) Introduction: Production Cost Report • Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process. • Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads . • Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced. To Prepare: Production Cost Report

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Answer 1

Question

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

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During September, the assembly department completed 10,500 units of a product that had a standard materials cost of 3.0 square feet per unit at $2.40 per square foot. The actual materials purchased consisted of 22,000 square feet at $2.60 per square foot, for a total cost of $57,200. The actual material used during this period was 25,500 square feet. Compute the materials price variance and materials usage variance.

Bluesy Electronics recorded the following financial data: Net Sales $720,500 Average Inventory at Cost = $80,200 Gross Margin Percentage = 42% Calculate the GMROI.

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Answer 2

Question

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

Answer 6

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

Answer 7

Chapter 20, Problem P20A.37APGA

To determine

1)

Introduction:

Production Cost Report

• Production Cost Report is an analytical report prepared to track the flow of costs of production as well as the movement of goods across the production process.

• Production Cost Report enables allocation of costs of goods manufactured and sold into various components such as Direct Material, Direct Labor and Manufacturing Overheads.

• Preparation of the production cost report comprises of calculation of units of goods produced, summary of costs of goods manufactured, calculation of equivalent units of production and assigning costs to goods produced.

To Prepare:

Production Cost Report

Answer 8

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

Answer 9

To determine

2)

Introduction:

Journal Entries

Journal entries are the first step in recording financial transactions and preparation of financial statements.

These represent the impact of the financial transaction and demonstrate the effect on the accounts impacted in the form of debits and credits.

Assets and expenses have debit balances and Liabilities and Incomes have credit balances and according to the business transaction, the accounts are appropriately debited will be credited by credited to reflect the effect of business transactions and events.

Process Costing

Process Costing is a method of cost allocation and calculation used when the types of goods produced are similar in nature and in large quantities.

The cost allocation is done for all products on basis of a standard cost estimate which is calculated by dividing the total costs for each process by the number of units produced.

The advantage of this method is that it allows for simple and efficient cost allocation and calculation especially when the variations in the types of goods produced are minimal.

Work In Process Accounts

Work in Process accounts are maintained in a Process costing system to account for the various types of direct costs incurred in the form of direct material, labor and overhead.

The costs of production directly attributable to the goods manufactured are recorded in a Work in process account.

The costs of Goods completed in production are transferred to the finished goods from the Work in Process Account.

To Prepare:

Journal Entries for recording costs of units completed and transferred out

Answer 10

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Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

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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