(a) Compute the cost of work in process inventory at April 30 and May 31 (b) Compute the cost of finished goods inventory at April 30 and May 31 (c) Compute the cost of goods sold for April and May

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Answer 1

Question

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

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Journalize entries 1. Cash balance per bank, July 31, $8,004. 2. July bank service charge not recorded by the depositor $46. 3. Cash balance per books, July 31, $8,096. 4. Deposits in transit, July 31, $3,266. 5. $1,840 collected from a customer for Sheridan Company in July by the bank through electronic funds transfer. The collection has not been recorded by Sheridan Company. 6. Outstanding checks, July 31, $1,380.

OPD, who is claimed as a dependent by his parents, is 17. He received income of $3,400 from a trust fund and $700 from wages. He had $1,200 in itemized deductions. What is his taxable income?

Answer 2

Question

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Answer 6

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

Answer 7

Chapter 3, Problem 3.49AP

1.

To determine

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

Answer 8

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

Answer 9

2.

To determine

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

Answer 10

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

Answer 11

3.

To determine

To record: Prepare the journal entries to record the sale of job 5

Answer 12

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Answer 13

4.

To determine

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 3 - Prob. 1QC Ch. 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...

(a) Compute the cost of work in process inventory at April 30 and May 31 (b) Compute the cost of finished goods inventory at April 30 and May 31 (c) Compute the cost of goods sold for April and May

Concept explainers

Videos

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

To record: Prepare the journal entries to record the sale of job 5

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Want to see the full answer?

Chapter 3 Solutions

(a) Compute the cost of work in process inventory at April 30 and May 31 (b) Compute the cost of finished goods inventory at April 30 and May 31 (c) Compute the cost of goods sold for April and May

Concept explainers

Videos

To calculate: (a) Compute the cost of work in process inventory at April 30 and May 31 (b) Compute the cost of finished goods inventory at April 30 and May 31 (c) Compute the cost of goods sold for April and May

To prepare: Prepare the journal entries to record the transfer of completed jobs from work in process inventory to finished goods inventory for April and May

To record: Prepare the journal entries to record the sale of job 5

To calculate: Calculate the gross profit for job 5. Also explain the costs that gross profit should cover.

Want to see the full answer?

Chapter 3 Solutions

To calculate:

(a) Compute the cost of work in process inventory at April 30 and May 31

(b) Compute the cost of finished goods inventory at April 30 and May 31

(c) Compute the cost of goods sold for April and May