Product cost per unit for each job using original costing system.

Question

Novak Company has the following stockholders' equity accounts at December 31, 2025. Common Stock ($100 par value, authorized 7,600 shares) $459,100 Retained Earnings 266,700 a. Prepare entries in journal form to record the following transactions, which took place during 2026 1. 290 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) 2. A $22 per share cash dividend was declared. 3. The dividend declared in (2) above was paid. 4. The treasury shares purchased in (1) above were resold at $101 per share. 5. 500 shares of outstanding stock were purchased at $103 per share. 6. 380 of the shares purchased in (5) above were resold at $96 per share. b. Prepare the stockholders' equity section of Novak Company's balance sheet after giving effect to these transactions, assuming that the net income for 2026 was $86,300. State law requires restriction of retained earnings for the amount of treasury stock.

Answer 1

Question

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

2.

To determine

To calculate: Product cost using ABC cost rates.

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

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Novak Company has the following stockholders' equity accounts at December 31, 2025. Common Stock ($100 par value, authorized 7,600 shares) $459,100 Retained Earnings 266,700 a. Prepare entries in journal form to record the following transactions, which took place during 2026 1. 290 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) 2. A $22 per share cash dividend was declared. 3. The dividend declared in (2) above was paid. 4. The treasury shares purchased in (1) above were resold at $101 per share. 5. 500 shares of outstanding stock were purchased at $103 per share. 6. 380 of the shares purchased in (5) above were resold at $96 per share. b. Prepare the stockholders' equity section of Novak Company's balance sheet after giving effect to these transactions, assuming that the net income for 2026 was $86,300. State law requires restriction of retained earnings for the amount of treasury stock.

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Answer 2

Question

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

2.

To determine

To calculate: Product cost using ABC cost rates.

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

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Answer 3

Question

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

2.

To determine

To calculate: Product cost using ABC cost rates.

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

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Answer 4

Question

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

2.

To determine

To calculate: Product cost using ABC cost rates.

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

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Answer 5

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

2.

To determine

To calculate: Product cost using ABC cost rates.

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

Answer 6

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

Answer 7

Chapter 4, Problem 4.48BP

1.

To determine

To calculate: Product cost per unit for each job using original costing system.

Answer 8

2.

To determine

To calculate: Product cost using ABC cost rates.

Answer 9

2.

To determine

To calculate: Product cost using ABC cost rates.

Answer 10

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

Answer 11

3.

To determine

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

Answer 12

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

Answer 13

4.

To determine

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

Answer 14

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Ch. 4 - Prob. 1QC Ch. 4 - Prob. 2QC Ch. 4 - Prob. 3QC Ch. 4 - Prob. 4QC Ch. 4 - Prob. 5QC Ch. 4 - Prob. 6QC Ch. 4 - Prob. 7QC Ch. 4 - Prob. 8QC Ch. 4 - Prob. 9QC Ch. 4 - Prob. 10QC

Product cost per unit for each job using original costing system.

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To calculate: Product cost per unit for each job using original costing system.

To calculate: Product cost using ABC cost rates.

To identify: The costing system that assigns the cost of resources consumed by each job more accurately.

To identify: the course of action that the managers will take for make or buy the jobs if they are using (a) original costing system and (b) ABC system costs.

Chapter 4 Solutions