FINANCIAL ACCT.FUND(LL)W/ACCESS>CUSTOM<
FINANCIAL ACCT.FUND(LL)W/ACCESS>CUSTOM<
6th Edition
ISBN: 9781260255119
Author: Wild
Publisher: MCG CUSTOM
Question
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Chapter 9, Problem 10E

1.

To determine

Identify the amount of estimated warranty expense that is to be reported for the copier.

2.

To determine

Identify the amount of estimated warranty liability for the copier as of December 31, 2017.

3.

To determine

Identify the amount of warranty expense that should be reported in 2018

4.

To determine

Identify the amount of estimated warranty liability for 31st December 2018.

5.

To determine

Prepare the journal entries to record the following situations:

  1. (a) To record the copier’s sale
  2. (b) To record the adjustments on December 31, 2017 and to recognize the warranty expense
  3. (c) To record the repairs that occur in November 2018

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- Effects Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments Mixing, Refining, and Packaging. On January 1, the Refining Department had 4,000 gallons of partially processed product in production. During January, 30,000 gallons were transferred in from the Mixing Department, and 30,000 gallons were completed and transferred out. At the end of the month, 4,000 gallons of partially processed product remained in the Refining Department. See additional details below. Refining Department ending balance at January 31 Percent completed for materials cost: 94% Percent completed for conversion cost: 76% What was the total number of equivalent units of production for conversion costs for the month of January for the Refining Department? a. 3,040 units. b. 30,000 units. c. 3,760 units. d. 33,040 units.
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