5th Edition

ISBN: 9780134067254

Author: Braun

Publisher: PEARSON

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Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

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Textbook Question

Chapter 3, Problem 3.30AE

Record journal entries (Learning Objectives 2, 3, 5, & 6)

The following transactions were incurred by Augustine Fabricators during January, the first month of its fiscal year.

Requirements

1. Record the proper journal entry for each transaction.
1. a. $205,000 of materials was purchased on account.
2. b. $158,000 of materials was used in production; of this amount, $155,000 was used on specific jobs.
3. c. Manufacturing labor and salaries for the month totaled $250,000. $215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory.
4. d. The company recorded $19,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $10,000 which will be paid at a later date.
5. e. $62,000 of manufacturing overhead was allocated to specific jobs.
2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much?

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Chapter 3, Problem 3.29AE

Chapter 3, Problem 3.31BE

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Chapter 3 Solutions

Managerial Accounting (5th Edition)

Ch. 3 - (Learning Objective 1) For which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 3) The amount of manufacturing...Ch. 3 - (Learning Objective 4) Which of the following is...Ch. 3 - (Learning Objective 5) Which of the following is...Ch. 3 - (Learning Objective 5) Assuming the amount of...Ch. 3 - Prob. 8QC Ch. 3 - Prob. 9QC Ch. 3 - Prob. 10QC

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Solution Summary: The author explains how raw material inventory accounts and accounts payable account will be impacted.

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