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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Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

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Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

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

See solution

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

Want to see the full answer?

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

Want to see the full answer?

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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