Job Costing : Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment. Budgeted manufacturing overhead Rate: Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity. To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

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Answer 1

Question

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

2.

To determine

To compute: The total manufacturing overhead cost allocated.

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Need answer general Accounting

Provide correct answer of this question answer general Accounting

Answer 2

Question

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

2.

To determine

To compute: The total manufacturing overhead cost allocated.

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

2.

To determine

To compute: The total manufacturing overhead cost allocated.

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

2.

To determine

To compute: The total manufacturing overhead cost allocated.

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

2.

To determine

To compute: The total manufacturing overhead cost allocated.

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

Answer 6

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

Answer 7

Chapter 4, Problem 4.20E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

Budgeted manufacturing overhead Rate:

Budgeted manufacturing overhead rate is a method used for the allocation of expenses to the production batch. It is computed by dividing budgeted indirect cost by budgeted quantity.

To present: An overview diagram of M job costing system, and compute the budgeted manufacturing overhead rate of machining department and of assembly department.

Answer 8

2.

To determine

To compute: The total manufacturing overhead cost allocated.

Answer 9

2.

To determine

To compute: The total manufacturing overhead cost allocated.

Answer 10

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

Answer 11

3.

To determine

To compute: The under or over allocated manufacturing overhead of both the department.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 4 - Define cost pool, cost tracing, cost allocation,...Ch. 4 - How does a job-costing system differ from a...Ch. 4 - Why might an advertising agency use job costing...Ch. 4 - Describe the seven steps in job costing.Ch. 4 - Give examples of two cost objects in companies...Ch. 4 - Describe three major source documents used in...Ch. 4 - What is the advantage of using computerized source...Ch. 4 - Give two reasons why most organizations use an...Ch. 4 - Distinguish between actual costing and normal...Ch. 4 - Describe two ways in which a house-construction...

To compute: The total manufacturing overhead cost allocated.

To compute: The under or over allocated manufacturing overhead of both the department.

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