MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters (My Accounting Lab)
11th Edition
ISBN: 9780133877502
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 19, Problem 9QC
A manufacturing company completed work on a job. The cost of the job is transferred into ________ with a _______.
Learning Objective 4
- Work-in-Process Inventory; debit
- Finished Goods Inventory; credit
- Finished Goods Inventory; debit
- Cost of Goods Sold; credit
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d. What was the cost of products completed during Febuary?
e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary?
f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold?
Please provide an explanation it would be of great help with my learning. Thank you <3
A manufacturing company completed work on a job. The cost of the job is transferred into _________ with a _________.
a. Work-in-Process Inventory; debit
b. Finished Goods Inventory; credit
c. Finished Goods Inventory; debit
d. Cost of Goods Sold; credit
Choose the journal entry
4. Record the cost of goods manufactured
Dr Factory overhead; Cr Finished goods inventory
Dr Work In process Inventory; Cr Finished goods Inventory
Dr Finished goods inventory; Cr Work In process Inventory
Dr Materials Inventory; Cr Work In process Inventory\
5. Record the purchased Indirect Materials on account
Dr Factory overhead inventory; Cr Accounts payable
Dr Materials inventory; Cr Accounts payable
Dr Factory overhead inventory; Cr Cash
Dr Materials inventory; Cr Cash
Chapter 19 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters (My Accounting Lab)
Ch. 19 - Prob. 1QCCh. 19 - When a manufacturing company uses direct...Ch. 19 - When a manufacturing company uses indirect...Ch. 19 - When a manufacturing company uses direct labor, it...Ch. 19 - What is Gell's predetermined overhead allocation...Ch. 19 - What is Gell's actual manufacturing overhead cost?...Ch. 19 - How much manufacturing overhead would Gell...Ch. 19 - What entry would Gell make to adjust the...Ch. 19 - A manufacturing company completed work on a job....Ch. 19 - Prob. 10QC
Ch. 19 - Why do managers need to know the cost of their...Ch. 19 - What types of companies use job order costing...Ch. 19 - What types of companies use process costing...Ch. 19 - What is the purpose of a job cost record?Ch. 19 - Explain the difference between cost of goods...Ch. 19 - A job was started on May 15, completed on June 27,...Ch. 19 - Give the journal entry for raw materials purchased...Ch. 19 - What is the purpose of the raw materials...Ch. 19 - How does the use of direct and indirect materials...Ch. 19 - Give the journal entry for direct and indirect...Ch. 19 - Give five examples of manufacturing overhead...Ch. 19 - What is the predetermined overhead allocation...Ch. 19 - What is an allocation base? Give some examples.Ch. 19 - How is manufacturing overhead allocated to jobs?Ch. 19 - A completed job cost record shows the unit cost of...Ch. 19 - Explain the journal entry for the allocation of...Ch. 19 - Give the journal entry for the completion of a...Ch. 19 - Why does the sale of a completed job require two...Ch. 19 - Prob. 19RQCh. 19 - If a company incurred $5,250 in actual overhead...Ch. 19 - Refer to the previous question. Give the journal...Ch. 19 - Explain the terms accumulate, assign, allocate,...Ch. 19 - Why would the manager of a service company need to...Ch. 19 - How is the predetermined overhead allocation rate...Ch. 19 - Distinguishing between job order costing and...Ch. 19 - Prob. S19.2SECh. 19 - Prob. S19.3SECh. 19 - Prob. S19.4SECh. 19 - Prob. S19.5SECh. 19 - Prob. S19.6SECh. 19 - Prob. S19.7SECh. 19 - Prob. S19.8SECh. 19 - Prob. S19.9SECh. 19 - Prob. S19.10SECh. 19 - Prob. S19.11SECh. 19 - Prob. S19.12SECh. 19 - Prob. S19.13SECh. 19 - Prob. S19.14SECh. 19 - Distinguishing between job order costing and...Ch. 19 - Defining terminology Learning Objectives 1,2 Match...Ch. 19 - Prob. E19.17ECh. 19 - Prob. E19.18ECh. 19 - Prob. E19.19ECh. 19 - Prob. E19.20ECh. 19 - Prob. E19.21ECh. 19 - Prob. E19.22ECh. 19 - Prob. E19.23ECh. 19 - Prob. E19.24ECh. 19 - Prob. E19.25ECh. 19 - Prob. E19.26ECh. 19 - Prob. E19.27ECh. 19 - Prob. P19.28APGACh. 19 - Prob. P19.29APGACh. 19 - Prob. P19.30APGACh. 19 - Prob. P19.31APGACh. 19 - Prob. P19.32APGACh. 19 - Prob. P19.33APGACh. 19 - Prob. P19.34BPGBCh. 19 - Prob. P19.35BPGBCh. 19 - Prob. P19.36BPGBCh. 19 - Prob. P19.37BPGBCh. 19 - Prob. P19.38BPGBCh. 19 - Prob. P19.39BPGBCh. 19 - Accounting for manufacturing overhead This problem...Ch. 19 - Prob. 19.1DCCh. 19 - Prob. 19.1FC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Required: (a) What is the balance in the Cost of Goods Sold account after the adjustment? (b) Compute, BuiltbyHands Stores‘gross profit earned on the jobs completed. (c) Open T-accounts for Materials Inventory, Work in Process Inventory and Finished Goods Inventory. Post the appropriate entries to these accounts & determine the ending account balances.arrow_forwardA manufacturing company completed work on a job. The cost of the job is transferred into _________ with a _________. Work-in-Process Inventory; debit Finished Goods Inventory; credit Finished Goods Inventory; debit Cost of Goods Sold; creditarrow_forwardClick to watch the Tell Me More Learning Objective 1 video and then answer the questions below. 1. Which of the following manufacturers is most likely to use a process cost system? Purse manufacturer Sports drink manufacturer Automobile manufacturer Guitar manufacturer 2. Process and job order cost systems are similar in that both systems _______. record and summarize product costs classify product costs as direct materials, direct labor, and factory overhead allocate factory overhead costs to products All of these choices are correct.arrow_forward
- Choose the journal entry. 1. Direct Materials used in the production Dr Work In process Inventory; Cr Materials Inventory Dr Materials Inventory; Cr Work In process Inventory Dr Factory overhead Inventory; Cr Work In process Inventory Dr Factory overhead Inventory; Cr Materials Inventory 2.Indirect Materials used in the production Dr Factory overhead Inventory; Cr Materials Inventory Dr Materials Inventory; Cr Work In process Inventory Dr Factory overhead Inventory; Cr Work In process Inventory Dr Work In process Inventory; Cr Materials Inventory 3. Record the accrued Direct Labor Dr Factory overhead; Cr Finished goods inventory Dr Finished goods inventory; Cr Work In process Inventory Dr Work In process Inventory; Cr Salary Payable Dr Materials Inventory; Cr Work In process Inventoryarrow_forwardCalculate a job cost using ABC (Learning Objective 2)Oliver Industries, a small, family-run manufacturer, has adopted an ABC system . The fol- lowing manufacturing activities, indirect manufacturing costs, and usage of cost drivers have been estimated for the year :54-7Direct materials ................................................................................ ? Direct labor ...................................................................................... ? Manufacturing overhead ...... .......... .......... ............. ................. .......... ? Total job cost .................................................................................... $?Classifying costs within the cost hierarchy (Learning Objective 2) Classify each of the following costs as either unit-level, batch-level, product-level, orfacility-level.a. Engineering costs for new productb. Order processingc. Depreciation on factoryd. Direct labore. Shipment of an order to a customerf. Product line manager…arrow_forwardThe Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning work in process 6,100 Direct materials 48,700 Direct labor 31,200 Applied overhead 17,400 To finished goods ? Ending work in process 12,100 The cost of jobs transferred to finished goods is:arrow_forward
- The entry to recognize the completion and transfer of a job so that it can be placed in stock would include a.debiting Finished Goods and crediting Work in Process. b.debiting Work in Process and crediting Finished Goods. c.debiting Finished Goods and crediting Cost of Goods Sold. d.debiting Work in Process and crediting Cost of Goods Sold.arrow_forwardThe purchase of manufacturing supplies is normally recorded as a debit to Group of answer choices raw materials inventory administrative expenses work in process manufacturing overheadarrow_forwardClick to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. The first step in preparing a cost of production report is to _____. compute equivalent units of production determine the units to be assigned costs determine the cost per equivalent unit allocate costs to units transferred out and partially completed units 2. The last step in preparing a cost of production report is to _____. compute equivalent units of production determine the units to be assigned costs determine the cost per equivalent unit allocate costs to units transferred out and partially completed unitsarrow_forward
- Products that have been completed and are ready for sale at the end of the accounting period are known as a.work in process. b.finished goods. c.cost of goods sold. d.materials.arrow_forwardFollowing items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to. a. Pay pay-as-you-earn (PAYE) payroll taxes b. Send material requisition to inventory c. Issue stock to investors d. Borrow money from the bank to purchase a new factory e. Complete receiving report f. Appoint replacement purchasing clerk g. Measure employee performance using a performance management system h. Choose suitable supplier of raw materials i. Ensure employees are up to date with the latest tax provisions j. Record personal and tax information for new employeesarrow_forwardQ3) As production takes place, all manufacturing costs are debited to the: A. work in process inventory account.B. manufacturing overhead account.C. cost of goods sold account.D. finished goods account.arrow_forward
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