FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
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Chapter 5, Problem 5.4BE

(a)

To determine

Perpetual Inventory System: It refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

To Record: The journal entries of sales and cost of goods sold using perpetual inventory system in the books of Company B.

(b)

To determine

To Record: The journal entries of sales return and reversal of cost of goods sold using perpetual inventory system in the books of Company B.

(c)

To determine

To Record: The journal entry for the cash received and discount allowed.

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At the beginning of the year, manufacturing overhead for the year was estimated to be $315,840. At the end of the year, actual direct labor-hours for the year were 25,800 hours, the actual manufacturing overhead for the year was $308,700, and manufacturing overhead for the year was overapplied by $14,500. If the predetermined overhead rate is based on direct labor-hours, then what must have been the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate?
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FINANCIAL ACCOUNTING: TOOLS FOR BUSINES

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