Managerial Accounting
14th Edition
ISBN: 9781337270595
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 3, Problem 2BE
To determine
It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.
To Calculate: started and completed (tons) during the month July of Company ORS.
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Blueberry Corp. plans to tighten its credit policy. The new policy will decrease the average number of days in collection from 65 to 45, as well as reduce the ratio of credit sales to total revenue from 80% to 70%. The company estimates that projected sales will be 8% less if the proposed new credit policy is implemented. The firm’s short-term interest cost is 8%. Projected sales for the coming year are $32,000,000. Assuming a 360-day year, calculate the dollar impact on accounts receivable of Blueberry Corp. of this proposed change in credit policy.
Crane Company accumulates the following data concerning a mixed cost, using units produced as the activity level.
Units Produced
Total Cost
March
9,970
$20,005
April
8,930
18,154
May
10,500
20,538
June
8,710
17,674
July
9,370
18,604
Using the information from your answer to above part, write the cost equation. (Round per unit produced answer to 2 decimal places
(e.g., 2.25).)
+A
+$
per unit produced ×
Total cost
On the 5th of the month, Greg Marketing pays its field sales personnel a 3% commission on the previous month's sales. Sales for March 2016 were $1,200,000. What is the entry at the end of March to record the commissions?
A. Debit Sales - 36,000$; Credit Sales Commission Expense - 36,000$
B. Debit Sales Commission Expense - 36,000$; Credit Sales Commissions Payable - 36,000$
C. Debit Sales Commission Expense - 36,000$; Credit Accounts Receivable - 36,000$
D. Debit Sales -36,000$; Credit Sales Commission Income - 36,000$
Chapter 3 Solutions
Managerial Accounting
Ch. 3 - Which type of cost system, process or job order,...Ch. 3 - In job order cost accounting, the three elements...Ch. 3 - In a job order cost system, direct labor and...Ch. 3 - Why is the cost per equivalent unit often...Ch. 3 - What is the purpose for determining the cost per...Ch. 3 - Rameriz Company is a process manufacturer with two...Ch. 3 - What is the most important purpose of the cost of...Ch. 3 - How are cost of production reports used for...Ch. 3 - Prob. 9DQCh. 3 - Job order versus process costing Which of the...
Ch. 3 - Prob. 2BECh. 3 - Prob. 3BECh. 3 - Equivalent units of conversion costs The Rolling...Ch. 3 - Prob. 5BECh. 3 - Prob. 6BECh. 3 - Prob. 7BECh. 3 - Prob. 8BECh. 3 - Entries for materials cost flows in a process cost...Ch. 3 - Flowchart of accounts related to service and...Ch. 3 - Entries for flow of factory costs for process cost...Ch. 3 - Prob. 4ECh. 3 - Equivalent units of production The Converting...Ch. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Costs per equivalent unit Georgia Products Inc....Ch. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Errors in equivalent unit computation Napco...Ch. 3 - Cost per equivalent unit The following information...Ch. 3 - Costs per equivalent unit and production costs...Ch. 3 - Cost of production report The debits to Work in...Ch. 3 - Cost of Production report The Cutting Department...Ch. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Lean manufacturing The following are some quotes...Ch. 3 - The Converting Department of Tender Soft Tissue...Ch. 3 - Prob. 23ECh. 3 - Prob. 24ECh. 3 - Prob. 25ECh. 3 - Prob. 26ECh. 3 - Prob. 27ECh. 3 - Prob. 28ECh. 3 - Entries for process cost system Port Ormond Carpet...Ch. 3 - Cost of production report Hana Coffee Company...Ch. 3 - Equivalent units and related costs; cost of...Ch. 3 - Work in process account data for two months; cost...Ch. 3 - Sunrise Coffee Company roasts and packs coffee...Ch. 3 - Entries for process cost system Preston Grover...Ch. 3 - Cost of production report Bavarian Chocolate...Ch. 3 - Equivalent units and related costs; cost of...Ch. 3 - Work in process account data for two months; cost...Ch. 3 - Prob. 5PBCh. 3 - Analyzing process cost elements across product...Ch. 3 - Analyzing process cost elements over time Pix...Ch. 3 - Determining cost relationships Midst ate...Ch. 3 - Ethics in Action You are the Cookie division...Ch. 3 - Communications Jamarcus Bradshaw, plant manager of...
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- Net profit is calculated in which of the following account? A) Profit and loss account B) Balance sheet C) Trial balance D) Trading accountarrow_forwardThe debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the abovearrow_forwardCopyrights, Patents and Trademarks are examples of A) Current assets B) Fixed assets C) Intangible assets D) Investmentsarrow_forward
- Question 2 Long term assets without any physical existence but, possessing a value are called A) Intangible assets B) Fixed assets C) Current assets D) Investmentsarrow_forwardResources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to asarrow_forwardWhen are liabilities recorded under the accrual basis of accounting? When incurred When paid At the end of the fiscal year When bank accounts are reconciledarrow_forward
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