Lean Business Model: Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs. Cost of Goods Sold: For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold. Requirement 1: Journal entry to record sale of goods on credit

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Answer 1

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Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

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solve qn no. 3

Horngren's Financial & Managerial Accounting: The Managerial Chapters, 8th Edition. E-M:2-19 Accounting for job costs Brook Trailers’ job cost records yielded the following information: Job No. Date Total Cost of Job at July 31 Started Finished Sold 1 21-Jun 16-Jul 17-Jul $ 3,100 2 29-Jun 21-Jul 26-Jul 13,000 3 3-Jul 11-Aug 13-Aug 6,900 4 7-Jul 29-Jul 1-Aug 4,400 Use the dates in the table to identify the status of each job. Compute the following balances for Brook Trailers: a. Work-in-Process Inventory at July 31 b. Finished Goods Inventory at July 31 c. Cost of Goods Sold for July c. COGS $16,100

Donald Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base salary of $1,380 per month. One of the barbers serves as the manager and receives an extra $535 per month. In addition to the base salary, each barber also receives a commission of $3.75 per haircut. Other costs are as follows. Advertising $270 per month Rent $1,010 per month Barber supplies $0.50 per haircut Utilities $160 per month plus $0.15 per haircut Magazines $35 per month Donald currently charges $11.00 per haircut. Compute the break-even point in sales units and in sales dollars. Break-even point Break-even point sales $ haircuts

Answer 2

Question

Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

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Answer 3

Question

Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

Expert Solution & Answer

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Answer 4

Question

Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

Expert Solution & Answer

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Answer 5

Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

Answer 6

Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

Answer 7

Chapter C, Problem 5QS

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 1:

Journal entry to record sale of goods on credit

Answer 8

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

Answer 9

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

Cost of Goods Sold:

For production of goods to be sold to customers, manufacturers procure the raw material in form of direct material on which labor and overheads are applied to convert the raw material into finished goods. The cost of these raw material used for production of finished goods are called as cost of goods sold.

Requirement 2:

Journal entry to record cost of goods sold for $11,760

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. C - Prob. 1DQ Ch. C - How does push production differ from pull...Ch. C - Prob. 3DQ Ch. C - Prob. 4DQ Ch. C - Prob. 5DQ Ch. C - Prob. 6DQ Ch. C - Prob. 7DQ Ch. C - Prob. 8DQ Ch. C - Prob. 9DQ Ch. C - Prob. 10DQ

Solution Summary: The author explains that Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business.

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