Principles of Accounting Volume 219th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172609
Principles of Accounting Volume 2
Solutions for Principles of Accounting Volume 2
Problem 1MC:
Which of the following product situations is better suited to job order costing than to process...Problem 2MC:
A job order costing system is most likely used by which of the following? a pet food manufacturer a...Problem 3MC:
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative...Problem 4MC:
Which of the following is a conversion cost? raw materials direct materials administrative expenses...Problem 5MC:
During production, to what are the costs in job order costing applied? A. manufacturing overhead B....Problem 6MC:
Which document lists the inventory that will be removed from the raw materials inventory? A. job...Problem 7MC:
Which document shows the cost of direct materials, direct labor, and overhead applied for each...Problem 8MC:
Which document lists the total direct materials used in a specific job? A. job cost sheet B....Problem 9MC:
Which document lists the total direct labor used in a specific job? A. job cost sheet B. purchase...Problem 10MC:
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs...Problem 11MC:
In a job order cost system, which account shows the overhead used by the company? A. work in process...Problem 12MC:
In a job order cost system, raw materials purchased are debited to which account? A. raw materials...Problem 13MC:
In a job order cost system, overhead applied is debited to which account? A. work in process...Problem 14MC:
In a job order cost system, factory wage expense is debited to which account? A. raw materials...Problem 15MC:
In a job order cost system, utility expense incurred is debited to which account? A. work in process...Problem 16MC:
In a job order cost system, indirect labor incurred is debited to which account? A. work in process...Problem 17MC:
The activity base for service industries is most likely to be _________________. A. machine hours B....Problem 1Q:
A printing company manufactures notebooks of various sizes. The company manufactures 3,000 notebooks...Problem 4Q:
How do job order costing and process costing differ with respect to recording direct materials and...Problem 7Q:
From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B....Problem 9Q:
How is the predetermined overhead rate applied?Problem 10Q:
Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the...Problem 11Q:
Why is the manufacturing overhead account debited as expenses are recognized and then credited when...Problem 13Q:
When compared to manufacturing companies, service industries do not generally use _____________ as a...Problem 1EA:
Little Things manufactures toys. For each item listed, identify whether it is a product cost, a...Problem 2EA:
Table 4.3 shows a list of expenses involved in the production of custom, professional lacrosse...Problem 3EA:
Burnham Industries incurs these costs for the month: A. What Is the prime cost? B. What is the...Problem 4EA:
Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance...Problem 5EA:
Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending...Problem 6EA:
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...Problem 7EA:
A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...Problem 8EA:
Job order cost sheets show the following costs assigned to each job: The company assigns overhead at...Problem 9EA:
A new company started production. Job 10 was completed, and Job 20 remains in production. Here is...Problem 10EA:
K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct...Problem 11EA:
A company has the following transactions during the week. Purchase of $1,000 raw materials inventory...Problem 12EA:
During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on...Problem 13EA:
Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on...Problem 14EA:
A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct...Problem 15EA:
A summary of material requisition slips and time tickets, along with the overhead allocation, show...Problem 1EB:
Abuah Goods manufactures clothing. For each item listed, Identify whether It is a product cost, a...Problem 2EB:
Chocos Chocolates incurs the following costs for the month: A. What is the prime cost? B. What is...Problem 3EB:
The table shows a list of expenses involved in the production of custom snowboard bindings. For each...Problem 4EB:
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...Problem 5EB:
Steinways records show their work in process Inventory had a beginning balance of $3,000 and an...Problem 6EB:
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...Problem 7EB:
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...Problem 8EB:
Job order cost sheets show the following costs assigned to each job: The company assigns overhead at...Problem 9EB:
A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the...Problem 10EB:
Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct...Problem 11EB:
A company has the following information relating to its production costs: Compute the actual and...Problem 12EB:
A company has the following transactions during the week. Purchase of $3,000 raw materials inventory...Problem 13EB:
During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities...Problem 14EB:
Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on...Problem 15EB:
A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct...Problem 16EB:
A summary of materials requisition slips and time tickets, along with the overhead allocation, show...Problem 1PA:
For each item listed, state whether a job order costing system or process costing system would be...Problem 2PA:
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of...Problem 3PA:
Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it...Problem 4PA:
Job cost sheets show the following information: What are the balances in the work in process...Problem 6PA:
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...Problem 7PA:
Freeman Furnishings has summarized its data as shown: Compute the cost of goods manufactured,...Problem 8PA:
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate...Problem 9PA:
MountaIn Peaks applies overhead on the basis of machine hours and reports the following information:...Problem 10PA:
The actual overhead for a company is $74,539. Overhead was based on 6,000 direct labor hours and was...Problem 11PA:
When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead...Problem 12PA:
The following data summarize the operations during the year. Prepare a journal entry for each...Problem 13PA:
The following events occurred during March for Ajax Company. Prepare a journal entry for each...Problem 14PA:
A movie production studio incurred the following costs related to its current movie: Purchased...Problem 1PB:
For each item listed, state whether a job order costing system or process costing system would be...Problem 2PB:
Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500...Problem 3PB:
Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should...Problem 4PB:
Summary information from a companys job cost sheets shows the following information: What are the...Problem 6PB:
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...Problem 7PB:
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the...Problem 8PB:
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined...Problem 9PB:
Mountain Tops applies overhead on the basis of direct labor hours and reports the following...Problem 10PB:
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was...Problem 11PB:
When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would...Problem 12PB:
The following data summarize the operations during the year. Prepare a journal entry for each...Problem 13PB:
The Following events occurred during March for Ajax Company. Prepare a journal entry for each...Problem 14PB:
A leather repair shop incurred the following expenses while repairing luggage for a major airline....Problem 2TP:
If a job order cost system tracks the direct materials and direct labor, why doesn't It track the...Problem 3TP:
What are the similarities in calculating the cost of materials used in production, the cost of goods...Problem 4TP:
If a company bases its predetermined overhead rate on 100,000 machine hours, and It actually has...Browse All Chapters of This Textbook
Chapter 1 - Accounting As A Tool For ManagersChapter 2 - Building Blocks Of Managerial AccountingChapter 3 - Cost-volume-profit AnalysisChapter 4 - Job Order CostingChapter 5 - Process CostingChapter 6 - Activity-based, Variable, And Absorption CostingChapter 7 - BudgetingChapter 8 - Standard Costs And VariancesChapter 9 - Responsibility Accounting And DecentralizationChapter 10 - Short-term Decision Making
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CONCEPTS IN FED TAX 2021 (LL) PKG
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ISBN: 9780357532454
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