Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute : Equivalent units of production.

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Answer 1

Question

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question:

The standard rate per direct labor hour should

L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: 1. Assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots? (Note: L.L. Bean most likely will make…

Answer 2

Question

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

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Answer 3

Question

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

Expert Solution & Answer

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Answer 4

Question

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

Expert Solution & Answer

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Answer 5

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

Answer 6

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

Answer 7

Chapter 21, Problem 18E

a.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

Answer 8

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

Answer 9

b.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

Answer 10

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

Answer 11

c.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

Answer 12

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

Answer 13

d.

To determine

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 21 - Prob. 1Q Ch. 21 - Prob. 2Q Ch. 21 - Prob. 3Q Ch. 21 - Prob. 4Q Ch. 21 - Prob. 5Q Ch. 21 - Prob. 6Q Ch. 21 - Prob. 7Q Ch. 21 - Prob. 8Q Ch. 21 - Prob. 9Q Ch. 21 - Prob. 10Q

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute : Equivalent units of production.

Solution Summary: The author explains that job order costing is a cost evaluation method that considers each job separate and assigns cost to them.

Concept explainers

Videos

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.

Want to see the full answer?

Chapter 21 Solutions

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute : Equivalent units of production.

Solution Summary: The author explains that job order costing is a cost evaluation method that considers each job separate and assigns cost to them.

Concept explainers

Videos

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute: Equivalent units of production.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute: Unit cost of production.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute: Cost of transferring out units.

Job order costing: Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement. To compute: Total cost to account for.

Want to see the full answer?

Chapter 21 Solutions

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Equivalent units of production.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Unit cost of production.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Cost of transferring out units.

Job order costing:

Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.

To compute: Total cost to account for.