Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 16, Problem 18TI
To determine
Determine the cost to clean each office.
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A manufacturing company used $400 of indirect materials and $2,000 of indirect labor during the month. The company also incurred $1,200 for depreciation on factory equipment, $500 for depreciation on office equipment, and $300 for factory utilities. Prepare the necessary journal entries.
Shown below are a number of costs incurred last year at NUBD Co. a manufacturer of books:
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On June 30 a company finished job 110 with total costs of $119,000 and transferred the costs to finished goods inventory. On april 10 the company completed the sale of the goods to a customer for 135,000 on account. How would the journal entry be recorded to show the costs of goods sold?
Chapter 16 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Prob. 6TICh. 16 - Prob. 7TICh. 16 - Prob. 8TICh. 16 - Identify each cost as a period cost or a product...Ch. 16 - Identify each cost as a period cost or a product...
Ch. 16 - Prob. 11TICh. 16 - ABC Manufacturing Company has the following data...Ch. 16 - Prob. 13TICh. 16 - Match the definition to the key term. Value chain...Ch. 16 - Match the definition to the key term. 13. Triple...Ch. 16 - Prob. 16TICh. 16 - Prob. 17TICh. 16 - Prob. 18TICh. 16 - Prob. 1QCCh. 16 - Prob. 2QCCh. 16 - Dunaway Company reports the following costs for...Ch. 16 - Which of the following is a direct cost of...Ch. 16 - Which of the following is not part of...Ch. 16 - Prob. 6QCCh. 16 - Suppose a bakery reports the following...Ch. 16 - What is the cost of goods manufactured? a. 151,000...Ch. 16 - World-class businesses use which of these systems...Ch. 16 - Todays business environment is characterized by a....Ch. 16 - Prob. 1RQCh. 16 - List six differences between financial accounting...Ch. 16 - Explain the difference between line positions and...Ch. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Describe a service company, and give an example.Ch. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Explain the difference between a direct cost and...Ch. 16 - What are the three manufacturing costs for a...Ch. 16 - Give five examples of manufacturing overhead.Ch. 16 - What are prime costs? Conversion costs?Ch. 16 - What are product costs?Ch. 16 - How do period costs differ from product costs?Ch. 16 - How is cost of goods manufactured calculated?Ch. 16 - Prob. 17RQCh. 16 - Prob. 18RQCh. 16 - How does a service company calculate unit cost per...Ch. 16 - Prob. 20RQCh. 16 - Prob. 1SECh. 16 - Prob. 2SECh. 16 - Granger Cards is a manufacturer of greeting cards....Ch. 16 - Computing manufacturing overhead Sunglasses...Ch. 16 - Identifying product costs and period costs...Ch. 16 - Use the following information for The Windshield...Ch. 16 - Prob. 7SECh. 16 - Computing direct materials used Tuscany, Inc. has...Ch. 16 - Computing cost of goods manufactured Use the...Ch. 16 - Use the following information to calculate the...Ch. 16 - Match the term with the correct definition. 1. A...Ch. 16 - Marx and Tyler provides hair-cutting services in...Ch. 16 - Comparing managerial accounting and financial...Ch. 16 - Prob. 14ECh. 16 - Wheels, Inc. manufactures wheels for bicycles,...Ch. 16 - Identifying differences between service,...Ch. 16 - Prob. 17ECh. 16 - Selected data for three companies are given below....Ch. 16 - Computing cost of goods manufactured Consider the...Ch. 16 - Wilson Corp., a lamp manufacturer, provided the...Ch. 16 - Computing cost of goods manufactured and cost of...Ch. 16 - Match the following terms to the appropriate...Ch. 16 - Buddy Grooming provides grooming services for...Ch. 16 - Conway Brush Company sells standard hair brushes....Ch. 16 - Natalia Wallace is the new controller for Smart...Ch. 16 - Lawlor, Inc. is the manufacturer of lawn care...Ch. 16 - Prob. 27APCh. 16 - Gourmet Bones manufactures its own brand of pet...Ch. 16 - Preparing a schedule of cost of goods manufactured...Ch. 16 - Root Shoe Company makes loafers. During the most...Ch. 16 - The Windshield Doctors repair chips in car...Ch. 16 - Prob. 32APCh. 16 - Ava Borzi is the new controller for Halo Software,...Ch. 16 - Langley, Inc. is the manufacturer of lawn care...Ch. 16 - Below are data for two companies: Requirements 1....Ch. 16 - Chewy Bones manufactures its own brand of pet chew...Ch. 16 - Prob. 37BPCh. 16 - True Fit Shoe Company makes loafers. During the...Ch. 16 - The Glass Doctors repair chips in car windshields....Ch. 16 - Prob. 40BPCh. 16 - This is the first problem in a sequence of...Ch. 16 - Winnebago Industries, Inc. is a leading...Ch. 16 - Prob. 1DCCh. 16 - Prob. 1EICh. 16 - In 100 words or fewer, explain the difference...
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- Burnham industries incurs the following costs for the month: Direct materials $2,000 Direct labor 3,000 Factory depreciation expense 3,500 Factory utilities expense 750 CEO's salary 4,000 What is the prime cost?arrow_forwardCaroline Company reports the following costs and expenses in May. Factory utilities $11,500 Depreciation on factory equipment $12,650 Depreciation on delivery truck $3,800 Indirect factory labor $48,900 Indirect materials $80,800 Direct materials used $137,600 Factory manager's salary $8,000 Direct labor $69,100 Sales salaries $46,400 Property taxes on factory building $2,500 Repairs to office equipment $1,300 Factory repairs $2,000 Advertising $18,000 Office supplies used $2,640 From the information above, determine the total amount of product costs.arrow_forwardThe following are the cost incurred by Ericson Company for the month of April: Factory Utilities $16,500 Depreciation, Factory Eq. $12,650 Depreciation, Del. Truck. $8,800 Repairs to office Equipment $1,300 Indirect Materials used $80,800 Direct Materials Used $137,600 Factory Manager’s Salary $13,000 Material Purchases $220,000 Direct Labor $89,100 Sales Salaries $46,400 Payroll $227,400 Indirect Factory Labor $48,900 Factory Repairs $2,000 Advertising $18,000 Office Supplies Used $5,640 Property Taxes on Factory Building $2,500 Additional Information: Mat, Beg. $20,000; Mat, end $??? WIP, Beg $0; WIP End (10 units) $??? FG Beg $0; Finished Units (80 units) $????; FG End (15 units) $??? Overhead is applied based on 150% of direct labor cost QUESTION: (1) Determine the total amount of a) Manufacturing Cost b) Selling Expenses c) Administrative (2) Supporting documents also.arrow_forward
- A greeting card company incurred the following costs associated with running its business last month: cardstock (thick paper), $9,820; ink, stickers, ribbons, and other card attachments, $7,520; rent on office space, $1,420; rent on factory space, $2,320; office salaries, $5,220; factory labor, $8,920; and advertising, $870.How much were its total product costs last month? Total product costs $enter the total product costs in dollars How much were its total period costs last month? Total period costs $enter the total period costs in dollarsarrow_forwardAmy Company makes calculators. During the most recent accounting period, Amy paid $3,000 for raw materials, $5,000 for labor, and $12,000 for overhead costs that were inferred to make calculators. Amy started and completed 10,000 calculators, of which 5,000 were sold. Based on this information, how much expense would Amy recognize on the income statement?arrow_forwardDuring the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.arrow_forward
- An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.arrow_forwardDuring the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account. $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.arrow_forwardA leather repair shop incurred the following expenses while repairing luggage for a major airline. Time cards showing direct labor: $750 Time cards showing indirect labor: $100 Purchased repair supplies on account: $1,500 Issued indirect supplies: $350 Utilities expense on account: $24,000 Overhead applied: 100% of direct labor costs Journalize the listed transactions.arrow_forward
- A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?arrow_forwardG Toy Shop manufactures children's plush toys and incurred the following during the process: (The following are within one month of production with 980 total manufactured plush toys). P 150,000 for materials such as cloth, pile textiles and stuffing materials P 10,000 for threads and accessories P 12,000 building rental P 45,000 salaries of 5 factory workers P 10,000 security guard salary P 5,500 depreciation of machines and equipment What is the amount of Direct Material? P160,000 P150,000 P170,000 P10,000 What is the percentage of mark-up used if the selling price is P499.00? 111% 69% 53% 104% What is the selling price if the mark up is 75%? P420.00 P429.00 P592.00 P415.00 This is a required question What is the amount of the Product Cost.? P232,500 P240,500 P242,500 P245,000 This is a required question What is the amount of Direct labor? P55,000 P10,000 P0.00 P45,000 What is the amount of Manufacturing Overhead Costs? P37,500 P30,000…arrow_forwardImperial Shoe Company, a manufacturing firm, has supplied the following information from its accounting records for the month of November 2021: Factory supplies used $18,000 Depreciation of factory equipment 17,000 Depreciation of office building 23,000 Salary of factory manager 36,000 Factory janitorial cost 5,000 Marketing and promotion costs 4,500 Other materials used 1,250 Direct labor cost (5,000 hours used) 22,000 Purchase of raw materials 10,000 Finished goods inventory Nov. 1 2,250 Work in process inventory Nov. 1 4,200 Raw materials inventory Nov. 1…arrow_forward
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