Managerial Accounting (4th Edition)
4th Edition
ISBN: 9780133428377
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 3, Problem 3.38BE
1.
To determine
To calculate: Compute the predetermined manufacturing
2.
To determine
To calculate: Compute the manufacturing overheads allocated to the job
3.
To determine
To calculate: Compute the actual amount of manufacturing overhead incurred. Also determine if manufacturing overhead were under allocated or overallocated and with how much amount
4.
To determine
To calculate: If the jobs were under costed or over costed and by how much amount
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The second step, when using dollar-value LIFO retail method for inventory, is to determine the estimated:
Multiple Choice
Cost of goods sold for the current year.
Ending inventory at cost.
Ending inventory at current year retail prices.
Ending inventory at base year retail prices.
Data related to the inventories of Kimzey Medical Supply are presented below:
Surgical Equipment
Surgical Supplies
Rehab Equipment
Rehab Supplies
Selling price
$ 315
$ 175
$ 395
$ 220
Cost
225
145
305
217
Replacement cost
295
135
290
213
Costs to sell
52
16
36
32
Normal gross profit ratio
40%
40%
40%
40%
In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at:
Multiple Choice
$155.
$145.
$135.
$119.
Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:
Skis
Boots
Apparel
Supplies
Selling price
$ 168,000
$ 163,000
$ 109,000
$ 66,000
Cost
140,000
142,000
70,850
42,900
Replacement cost
131,000
128,000
90,850
38,900
Sales commission
10%
10%
10%
10%
In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at:
Multiple Choice
$151,200.
$131,000.
$140,000.
$117,600.
Chapter 3 Solutions
Managerial Accounting (4th Edition)
Ch. 3 - Prob. 1QCCh. 3 - 2. (Learning Objective 2) Which of the following...Ch. 3 - 3. (Learning Objective 2) Which of the following...Ch. 3 - 4. (Learning Objective 3) The amount of...Ch. 3 - 5. (Learning Objective 4) Which of the following...Ch. 3 - (Learning Objective 5) Which of the following is...Ch. 3 - 7. (Learning Objective 5) Assuming the amount of...Ch. 3 - 8. (Learning Objective 6) Whenever direct...Ch. 3 - 9. (Learning Objective 6) When a job is completed,...Ch. 3 - 10. (Learning Objective 7, Appendix) Which of the...
Ch. 3 - S3-1 Decide on product costing system (Learning...Ch. 3 - S3-2 Determine the flow of costs between inventory...Ch. 3 - S3-3 Understanding key document terms in a job...Ch. 3 - S3-4 Compute a professional billing rate (Learning...Ch. 3 - Prob. 3.5SECh. 3 - S3-6 Continuation of S3-5: compute total allocated...Ch. 3 - S3-7 Continuation of S3-6: determine over- or...Ch. 3 - Prob. 3.8SECh. 3 - S3-9 Calculate job cost and billing at appliance...Ch. 3 - S3-10 Ramifications of overallocating and...Ch. 3 - S3-11 Record purchase and use of materials...Ch. 3 - S3-12 Record manufacturing labor costs (Learning...Ch. 3 - S3-13 Recompute job cost at a legal firm (Learning...Ch. 3 - Prob. 3.14SECh. 3 - S3-1 5 Understanding key terms (Learning...Ch. 3 - E3-1 6A Identify type of costing system (Learning...Ch. 3 - E3-17 A Understand the flow of costs in a job cost...Ch. 3 - Prob. 3.20AECh. 3 - E3-18A Compute a predetermined overhead rate and...Ch. 3 - E3-19A Compute a predetermined overhead rate and...Ch. 3 - E3-21A Sustainability and job costing (Learning...Ch. 3 - E3-22A Determine the cost of a job (Learning...Ch. 3 - Prob. 3.23AECh. 3 - E3-24A Analyze manufacturing overhead (Learning...Ch. 3 - E3-25A Record manufacturing overhead (Learning...Ch. 3 - E3-26A Record journal entries (Learning Objectives...Ch. 3 - E3-27 A Analyze T-accounts (Learning Objectives 2,...Ch. 3 - Prob. 3.28AECh. 3 - Prob. 3.29AECh. 3 - E3-30B Identify type of costing system (Learning...Ch. 3 - E3-31 B Understand the flow of costs in a job cost...Ch. 3 - Prob. 3.34BECh. 3 - Prob. 3.32BECh. 3 - Prob. 3.33BECh. 3 - Prob. 3.35BECh. 3 - E3-36B Determine the cost of a job (Learning...Ch. 3 - Prob. 3.37BECh. 3 - Prob. 3.38BECh. 3 - Prob. 3.39BECh. 3 - E3-40B Record journal entries (Learning Objectives...Ch. 3 - Prob. 3.41BECh. 3 - Prob. 3.42BECh. 3 - Prob. 3.43BECh. 3 - P3-44A Analyze Manufacturing Overhead (Learning...Ch. 3 - P3-45A Use job costing at an advertising agency...Ch. 3 - Prob. 3.46APCh. 3 - Prob. 3.47APCh. 3 - P3- 48A Determine and record job costs (Learning...Ch. 3 - Prob. 3.49APCh. 3 - Prob. 3.50BPCh. 3 - Prob. 3.51BPCh. 3 - Prob. 3.52BPCh. 3 - P3-53B Prepare job cost record (Learning...Ch. 3 - Prob. 3.54BPCh. 3 - Prob. 3.55BPCh. 3 - Discussion Questions 1. Why would it be...Ch. 3 - Unwrapped or How Its Made Go to www.YouTube.com...Ch. 3 - A3-58 Ethics involved with choice of cost driver...Ch. 3 - Prob. 3.59ACTCh. 3 - Issues with cost of job (Learning Objectives 2, 3,...
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- Need help this question general accountingarrow_forwardgeneral accountingarrow_forwardHome Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 50 $ 26 $ 32 Desks 20 74 59 Tables 70 85 93 Accessories: Rugs 50 61 49 Lamps 30 23 19 Required: (already completed this part) Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Stuck here: Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products, product categories, total inventory.arrow_forward
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