Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
26th Edition
ISBN: 9781305392373
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 6, Problem 6.39EX
To determine

Closing entries: These refer to the journal entries that are recorded at the end of an each accounting period. It closes all revenue accounts earned, and all expenses account incurred during the current accounting year to the company’s capital account.

To Record: The closing entries of Company P.

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Activity Based Costing - practice problem Fontillas Instrument, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced, and overhead costs of $89,500 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities 1. Materials handling 2. Machine setups Cost Drivers Number of requisitions Number of setups Total cost $35,000 27,500 3. Quality inspections Number of inspections 27,000 $89.500 The cost driver volume for each product was as follows: Cost Drivers Instruments Gauge Total Number of requisitions 400 600 1,000 Number of setups 200 300 500 Number of inspections 200 400 600 Insructions (a) Determine the overhead rate for each activity. (b) Assign the manufacturing overhead costs for April to the two products using activity-based costing.
Bodhi Company has three cost pools and two doggie products (leashes and collars). The activity cost pool of ordering has the cost drive of purchase orders. The activity cost pool of assembly has a cost driver of parts. The activity cost pool of supervising has the cost driver of labor hours. The accumulated data relative to those cost drivers is as follows: Expected Use of Estimated Cost Drivers by Product Cost Drivers Overhead Leashes Collars Purchase orders $260,000 70,000 60,000 Parts 400,000 300,000 500,000 Labor hours 300,000 15,000 10,000 $960,000 Instructions: (a) Compute the activity-based overhead rates. (b) Compute the costs assigned to leashes and collars for each activity cost pool. (c) Compute the total costs assigned to each product.

Chapter 6 Solutions

Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th

Ch. 6 - A Gross profit During the current year,...Ch. 6 - Gross profit During the current year, merchandise...Ch. 6 - Purchases transactions Halibut Company purchased...Ch. 6 - Purchases transactions Hoffman Company purchased...Ch. 6 - Prob. 6.3APECh. 6 - Prob. 6.3BPECh. 6 - Sales transactions Journalize the following...Ch. 6 - Prob. 6.4BPECh. 6 - Prob. 6.5APECh. 6 - Prob. 6.5BPECh. 6 - Inventory shrinkage Castle Furnishings Companys...Ch. 6 - Inventory shrinkage Hahn Flooring Companys...Ch. 6 - Prob. 6.7APECh. 6 - Prob. 6.7BPECh. 6 - Determining gross profit During the current year,...Ch. 6 - Prob. 6.2EXCh. 6 - Chart of accounts Monet Paints Co. is a newly...Ch. 6 - Purchase-related transactions The Stationery...Ch. 6 - Purchase-related transactions A retailer is...Ch. 6 - Prob. 6.5EXCh. 6 - Purchase-related transactions Warwicks Co.. a...Ch. 6 - Purchase-related transactions Journalize entries...Ch. 6 - Sales-related transactions, including the use of...Ch. 6 - Prob. 6.9EXCh. 6 - Sales-related transactions After the amount due on...Ch. 6 - Prob. 6.11EXCh. 6 - Prob. 6.12EXCh. 6 - Determining amounts to be paid on invoices...Ch. 6 - Sales-related transactions Showcase Co., a...Ch. 6 - Purchase-related transactions Based on the data...Ch. 6 - Prob. 6.17EXCh. 6 - Prob. 6.18EXCh. 6 - Normal balances of merchandise accounts What is...Ch. 6 - Prob. 6.20EXCh. 6 - Income statement for merchandiser The following...Ch. 6 - Determining amounts for items omitted from income...Ch. 6 - Prob. 6.23EXCh. 6 - Prob. 6.24EXCh. 6 - Prob. 6.25EXCh. 6 - Prob. 6.26EXCh. 6 - Prob. 6.27EXCh. 6 - Closing entries; net income Based on the data...Ch. 6 - Closing entries On July 31, 2016, the balances of...Ch. 6 - Ratio of sales to assets The Home Depot reported...Ch. 6 - Prob. 6.31EXCh. 6 - Rules of debit and credit for periodic inventory...Ch. 6 - Journal entries using the periodic inventory...Ch. 6 - Prob. 6.34EXCh. 6 - Prob. 6.35EXCh. 6 - Appendix Cost of merchandise sold Based on the...Ch. 6 - Prob. 6.37EXCh. 6 - Appendix Cost of merchandise sold Identify the...Ch. 6 - Prob. 6.39EXCh. 6 - Purchase-related transactions using perpetual...Ch. 6 - Sales-related transactions using perpetual...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Multiple-step income statement and report form of...Ch. 6 - Prob. 6.6APRCh. 6 - Purchase-related transactions using periodic...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Prob. 6.9APRCh. 6 - Appendix Periodic inventory accounts,...Ch. 6 - Purchase-related transactions using perpetual...Ch. 6 - Sales-related transactions using perpetual...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Prob. 6.4BPRCh. 6 - Multiple-step income statement and report form of...Ch. 6 - Prob. 6.6BPRCh. 6 - Purchase-related transactions using periodic...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Prob. 6.9BPRCh. 6 - Appendix Periodic inventory accounts,...Ch. 6 - Palisade Creek Co. is a merchandising business...Ch. 6 - Prob. 6.1CPCh. 6 - Purchases discounts and accounts payable Rustic...Ch. 6 - Prob. 6.3CP
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