Complete the Inventory and Overhead T-Accounts For Job 1 and Job 2 and Job 3
Q: 1. If the transaction is accounted for as an acquisition, what is the amount of consideration transf...
A: As per Bartleby policy, only the first 3 parts of the interlinked questions are answered. Acquisitio...
Q: Chung Corp. thought of constructing their own building for P40,000,000 which they plan to start and ...
A: Cost capitalization is an important aspect in ascertaining the cost of an asset. It provides a best ...
Q: QS 7-7 Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balanc...
A: An allowance for doubtful accounts is a balance-sheet counter item that nets against total receivabl...
Q: when the idea first occurred to her it seemed like such a win win situation now she wasn’t so
A: Introduction Ethical dilemma is a situation when moral standards and principles are in conflict with...
Q: Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their...
A: Adjusted Gross Income: Adjusted Gross Income (AGI) is characterized as gross pay short acclimations ...
Q: 2. Fill in the missing number for each of the following. Assets Liabilities Owner's Equity $100,000 ...
A: Solution As per the accounting equation Total assets = liabilities + owner's equity So, Owner...
Q: Use the following information for the Exercises below. (The following information applies to the que...
A: The adjustment entry for above transaction are as follows.
Q: a. What is Smith family's adjusted gross income? b. What is the family's taxable income? c. What is ...
A: Calculation of gross income, taxable income, tax liability, and tax rate of smith family are as fol...
Q: Reggie makes $400 per week and has a cash taxable benefit of $5 00 per pay He is paid weekly How muc...
A: 1: Calculate the basic pay-period exemption Divide the basic yearly exemption ($3,500 for 2021) by t...
Q: Chess Woods Limited produces two products: wooden chess pieces and wooden inlaid chess boards. Under...
A: Introduction:- The following basis information needs to understand as follows under:- Chess Woods L...
Q: 0. Presented below is a list of items that may or may not be reported as inventory in a company’s De...
A: Solution Concept Goods on consignment is included in the inventory of the consignor Goods sold on in...
Q: 22. $ Determine Sales
A: 22. Ans. $ 970,000 Net Sales ($ 950000 + Sales Discount ( $ 20,000)= $ 970,000
Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...
A: Retained earnings are the earnings which is available with company after all appropriation. in simpl...
Q: hlia Corporation had the following transactions during its first month of operations: Purchased raw ...
A: The direct costs are debited to work in process account and indirect costs are debited to manufactur...
Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...
Q: The following information pertains to Entity A: Land held for long-term capital appreciations 2,500,...
A: Investment property is a property (land or building or a part of a building or both) held (by the ow...
Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor. Di...
A: For Ease , the below formula are written as per the terms given in the question Material Price Vari...
Q: A, B and C are partners with the following P/L ratio and capital balances: A (60%) P100,000; B(30%) ...
A: The partnership comes into existence when two or more persons agree to do the business and share pro...
Q: dlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,...
A: Solution Concept When the asset is donated to the company ,in such case it shall be recorded as dona...
Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: a.Identify the budget preparation approach used
A: An Estimate is the process of calculation or judgement of the value, number, quantity.It is a kind o...
Q: the retained company onsidering tne follo nancial informatior
A: Retained earnings are the earning left after adding net pr...
Q: Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accoun...
A: Allowance for doubtful accounts is considered as the contra asset account. It is used to decrease th...
Q: form the Journal entry of the given transaction: Judy Mason completed these transactions during the...
A: Journal entry: A Journal entry is used to record a business transaction in the accounting records of...
Q: On December 31, Noah Co. had 40,000 weighted average outstanding ordinary shares. During the year, N...
A: calculation of basic learning for share is done then consideration of only ordinary shares in taken ...
Q: Required information Problem 11-47 (LO 11-2) (Algo) [The following information applies to the questi...
A: S Election is terminated if passive investment income exceeds 25% of Gross receipts for 3 consecutiv...
Q: e Jessica Company purchased a drilling machine on October 1, 2018 at a cost of P250,000 and deprecia...
A: Solution: Firstly we need to compute Book value on Oct 1, 2020 by computing accumulated depreciation...
Q: Assume the following S corporations, gross receipts, passive investment income, and corporate E&P. W...
A: C. Year gross receipts passive investment income passive % corporate E & P 1 1001818 25...
Q: ABC Company sells cars. In 2018, the entity sold 1,000 units before discovering a significant defect...
A: As per accounting standard Following is the criteria to create contingent liabilities.
Q: ummer Inc has machine with a carrying value of 450,000 on December 31, 2021. The following informati...
A: solution given carrying value on December 31, 2021 =450000 Expected net cash flows (undiscoun...
Q: Escalera Company reported an impairment loss of P5,200,000 in its income statement for the year 2016...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residual va...
A: Rate of depreciation under double declining balance method is equal to twice the straight line rate ...
Q: cash. Oh thls date, the equity or S Company Jahuary 3, 2019, P Company acquired 70% Interest in S Co...
A: Consolidated equity = consolidated total assets- consolidated total liabilities+Deposit for future i...
Q: (a) Prepare the journal entries (if any) to record the sale on January 2, 2020. (Credit account titl...
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following info...
A: The company allocates the overhead basis machine hours. So, below is the calculation of predetermine...
Q: Explain what is Flow Cost Accounting, its nature.
A: Flow Cost Accounting is a part of environmental management accounting
Q: Allan’s employer purchased a car in March 2020 at a cost of $44,000 GST inclusive and provided the c...
A: Tax is to be paid by the employee on the fringe benefits which has been received by the employee fro...
Q: Sinking Fund MethodGiven:FC = 2,000,000.00 pesosSV = 300,000.00 pesosi = 12.00%n = 9 yearsa. A = ?b....
A: The sinking fund method is a method of depreciating an item while earning enough money to replace it...
Q: Use the following information for the Exercises below. (Algo) [The following information applies to ...
A: A variance is said to be Favorable when the budgeted revenues are less than actual revenues and budg...
Q: Company A had a machine with a carrying amount of P450,000. Company B had a delivery vehicle with a ...
A: Gain (loss) on exchange = Fair value of assets received + Cash received - Carrying value of the asse...
Q: A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residual va...
A: Rate of depreciation under double-declining balance method = (1/Useful life) * 100 * 2 Rate of depre...
Q: Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base...
A: Standards are set in advance, from the standard set the actual performance are required to be measur...
Q: What are the components of audit risk and how do these relate to each other?
A: The possibility that financial statements are significantly incorrect, even if the audit opinion cer...
Q: Calculate the value of the bond at the time of issuance, and record the initial journal entry. Assum...
A: Bond valuation refers to a method which is used to compute the current value of future cash flow of ...
Q: Explain how useful the price mechanism is in tackling the basic economic problem?
A: the main role of price mechanism in basic economic problem is allocate scare resources in market eco...
Q: tement of Cash Flows (Indirect Method) eWolff Company's income statement and comparative balance she...
A: Calculation of Change in Cash Flow during the year Change in Cash flow = Ending Balance of Cash Flow...
Q: the years subsequent to the year of sale of a 90% owned subsidiary who sells equipment to its parent...
A: Solution Concept When there is a sale made (upstream or down stream ) and if the goods remains unsol...
Q: Discuss how financial information and financial statements are important decision making in food ser...
A: Contents of financial statements give entire number of various instruments and examinations strategi...
Q: Prepare the adjusting entry for each 8l following for year ended December 31, 2021. 1. Received Php ...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: For more than a decade since its incorporation, Asahi Company had been renting its office space. The...
A: 1) computation of average accumulated expenses Particulars Amount PHP payment on January 31 P...
Complete the Inventory and
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
- Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.Abbey Products Company is studying the results of applying factory overhead to production. The following data have been used: estimated factory overhead, 60,000; estimated materials costs, 50,000; estimated direct labor costs, 60,000; estimated direct labor hours, 10,000; estimated machine hours, 20,000; work in process at the beginning of the month, none. The actual factory overhead incurred for November was 80,000, and the production statistics on November 30 are as follows: Required: 1. Compute the predetermined rate, based on the following: a. Direct labor cost b. Direct labor hours c. Machine hours 2. Using each of the methods, compute the estimated total cost of each job at the end of the month. 3. Determine the under-or overapplied factory overhead, in total, at the end of the month under each of the methods. 4. Which method would you recommend? Why?Cycle Specialists manufactures goods on a job order basis. During the month of June, three jobs were started in process. (There was no work in process at the beginning of the month.) Jobs Sprinters and Trekkers were completed and sold, on account, during the month (selling prices: Sprinters, 22,000; Trekkers, 27,000); Job Roadsters was still in process at the end of June. The following data came from the job cost sheets for each job. The factory overhead includes a total of 1,200 of indirect materials and 900 of indirect labor. Prepare journal entries to record the following: a. Materials used. b. Factory wages and salaries earned. c. Factory Overhead transferred to Work in Process d. Jobs completed. e. Jobs sold.
- Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.Rockford Company has four departmental accounts: Building Maintenance, General Factory Overhead, Machining, and Assembly. The direct labor hour method is used to apply factory overhead to the jobs being worked on in Machining and Assembly. The company expects each production department to use 30,000 direct labor hours during the year. The estimated overhead rates for the year include the following: During the year, both Machining and Assembly used 28,000 direct labor hours. Factory overhead costs incurred during the year follow: In determining application rates at the beginning of the year, cost allocations were made as follows, using the sequential distribution method: Building Maintenance to: General Factory Overhead, 10%; Machining, 50%; Assembly, 40%. General factory overhead was distributed according to direct labor hours. Required: Determine the under- or overapplied overhead for each production department. (Hint: First you must distribute the service department costs.)Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Beginning work in process for November had a cost of 11,360 for materials, 11,666 for labor, and 9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month
- The following information, taken from the books of Herman Brothers Manufacturing represents the operations for January: The job cost system is used, and the February cost sheet for Job M45 shows the following: The following actual information was accumulated during February: Required: 1. Using the January data, ascertain the predetermined factory overhead rates to be used during February, based on the following: a. Direct labor cost b. Direct labor hours c. Machine hours 2. Prepare a schedule showing the total production cost of Job M45 under each method of applying factory overhead. 3. Prepare the entries to record the following for February operations: a. The liability for total factory overhead. b. Distribution of factory overhead to the departments. c. Application of factory overhead to the work in process in each department, using direct labor hours. (Use the predetermined rate calculated in Requirement 1.) d. Closing of the applied factory overhead accounts. e. Recording under- and overapplied factory overhead and closing the actual factory overhead accounts.Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours: The factory has one production department and uses the direct labor hour method to apply factory overhead. Three jobs are started during the month, and postings are made daily to the job cost sheets from the materials requisitions and labor-time records. The following schedule shows the jobs and amounts posted to the job cost sheets: The factory overhead control account was debited during the month for actual factory overhead expenses of 27,000. On June 11, Job 2526 was completed and delivered to the customer using a mark-on percentage of 50% on manufacturing cost. On June 24, Job 2527 was completed and transferred to Finished Goods. On June 30, Job 2528 was still in process. Required: 1. Prepare job cost sheets for Jobs 2526, 2527, and 2528, including factory overhead applied when the job was completed or at the end of the month for partially completed jobs. 2. Prepare journal entries as of June 30 for the following: a. Applying factory overhead to production. b. Closing the applied factory overhead account. c. Closing the factory overhead account. d. Transferring the cost of the completed jobs to finished goods. e. Recording the cost of the sale and the sale of Job 2526.During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of 2.30 per direct labor hour. During August, Jobs 39 and 40 were completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the month. Job 41 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 39 and 40. (Round unit costs to nearest cent.) 2. Compute the ending balance in the work-in-process inventory account. 3. Prepare the journal entries reflecting the completion of Jobs 39 and 40 and the sale of Job 40. The selling price is 140 percent of cost.
- Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Calculate: a. Equivalent units for material, labor, and overhead, using the weighted average cost method b. Unit costs for materials, labor, and overhead c. Cost of the units completed and transferred d. Detailed cost of the ending inventory e. Total of all costs accounted forKokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during October: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 13,000 units finished and transferred to stockroom Work in process, end of period, 2,000 units one-half completed Required: Prepare a cost of production summary for October.