(1) Process costing : It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production. Production: the act of creation or developing from components or material, or the method of being so manufactured. Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user. To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

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Answer 1

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Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

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Answer 2

Question

Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

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Answer 3

Question

Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

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See solution

Answer 5

Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

Answer 6

Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

Answer 7

Chapter 3, Problem 1PSB

To determine

(1)

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

To discover cost of (a) goods transferred to finished goods from production, (b)sold goods.

Answer 8

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

Answer 9

To determine

Concept introduction:

Process costing: It is an accounting approach that detects and accumulates direct costs and allocates indirect costs of a manufacturing process. Costs are assigned to products, generally in a big batch, which may include whole month’s production.

Production: the act of creation or developing from components or material, or the method of being so manufactured.

Finished goods:Are goods that have completed the stage of manufacturing process but have not been sold or dispersed to the end user.

Requirement 2:

To explain:

Journal entries dated June 30 to record following production activities in June such as- Raw material purchase, Direct material usage, Indirect material usage, Direct labour cost, Indirect labour, factory payroll, overhead cost, Overhead applied, goods transferred to finished goods from production and sales of finished goods.

Answer 10

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Answer 11

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Answer 13

Ch. 3 - Prob. 1MCQ Ch. 3 - Prob. 2MCQ Ch. 3 - Prob. 3MCQ Ch. 3 - Prob. 4MCQ Ch. 3 - Prob. 5MCQ Ch. 3 - What is the main factor for a company in closing...Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ

Solution Summary: The author explains how process costing detects and accumulates direct costs and allocates indirect costs of a manufacturing process.

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