Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Question
Chapter 2, Problem 6Q
To determine
Cost accounting:
Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.
To determine: The control accounts and their subsidiary ledgers.
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In a job order cost system, a credit to Work in Process Inventory will be accompanied by a debit to:Â *
Which document serve as a subsidiary ledger for the general ledger balance of work in process inventory?
Group of answer choices
labor time tickets
material requisitions
job cost sheets
material stockcards
all of the above answers
In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a
a.
Chapter 2 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 2 - (a) Mary Barett is not sure about the difference...Ch. 2 - Prob. 2QCh. 2 - What type of industry is likely to use a job order...Ch. 2 - What type of industry is likely to use a process...Ch. 2 - Your roommate asks your help in understanding the...Ch. 2 - Prob. 6QCh. 2 - What source documents are used in accumulating...Ch. 2 - Entries to Manufacturing Overhead normally are...Ch. 2 - Stan Kaiser is confused about the source documents...Ch. 2 - What is the purpose of a job cost sheet?
Ch. 2 - Indicate the source documents that are used in...Ch. 2 - Explain the purpose and use of a materials...Ch. 2 - Sam Bowden believes actual manufacturing overhead...Ch. 2 - What elements are involved in computing a...Ch. 2 - Prob. 15QCh. 2 - Jane Neff believes that the cost of goods...Ch. 2 - Matt Litkee is confused about under- and...Ch. 2 - At the end of the year, under- or overapplied...Ch. 2 - Dicker Company begins operations on January 1....Ch. 2 - During January, its first month of operations,...Ch. 2 - In January, Dicker Company requisitions raw...Ch. 2 - Factory labor data for Dieker Company is given in...Ch. 2 - Data pertaining to job cost sheets for Dieker...Ch. 2 - Marquis Company estimates that annual...Ch. 2 - Assign manufacturing overhead to production.(LO...Ch. 2 - In March, Stinson Company completes Jobs 10 and...Ch. 2 - Prepare entries for service salaries and wages and...Ch. 2 - At December 31, balances in Manufacturing Overhead...Ch. 2 - During the current month, Wacholz Company incurs...Ch. 2 - Milner Company is working on two job orders. The...Ch. 2 - Washburn Company produces earbuds. During the...Ch. 2 - During the current month, Standard Corporation...Ch. 2 - For Eckstein Company, the predetermined overhead...Ch. 2 - The gross earnings of the factory workers for...Ch. 2 - Stine Company uses a job order cost system. On May...Ch. 2 - A job order cost sheet for Ryan Company is shown...Ch. 2 - Manufacturing cost data for Orlando Company, which...Ch. 2 - Ikerd Company applies manufacturing overhead to...Ch. 2 - Analyze job cost sheet aid prepare entry for...Ch. 2 - Crawford Corporation incurred the following...Ch. 2 - Enos Printing Corp. uses a job order cost system....Ch. 2 - At May 31, 2017, the accounts of Lopez Company...Ch. 2 - Tierney Company begins operations on April 1,...Ch. 2 - The following are the job cost related accounts...Ch. 2 - Determine cost of jobs end ending balance in work...Ch. 2 - Tombert Decorating uses a job order cost system to...Ch. 2 - Lott Company uses a job order cost system and...Ch. 2 - For the year ended December 31, 2017, the job cost...Ch. 2 - Prepare entries in a job order cost system and...Ch. 2 - Agassi Company uses a job order cost system in...Ch. 2 - Phillips Corporations fiscal year ends on November...Ch. 2 - Huegel Hollow Resort has ordered 20 rotomolded...Ch. 2 - Khan Products Company uses a job order cost...Ch. 2 - In the course of routine checking of all journal...Ch. 2 - Communication Activity You are the management...Ch. 2 - Prob. 2.5BYPCh. 2 - Prob. 2.6BYPCh. 2 - Prob. 2.7BYP
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Similar questions
- How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?arrow_forwardFor each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventoryarrow_forwardWhen raw materials are purchased, the cost is debited to an inventory account called ________. The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger. Materials are issued from the storeroom to production based on a form called the ________. Direct labor is debited to the ________ inventory account.arrow_forward
- Identify the following features as applying more to job order operations (J), process operations (P),or both job order and process operations (B). Transfers costs between Work in Process Inventory accounts.arrow_forwardDescribe a walkthrough of a production transaction from receiving production orders to making an entry in the finished goods perpetual inventory records. What document copies would be collected?What controls noted? What duties separated?arrow_forwardWhich characteristic is the same in both job order costing systems and process costing systems? Types of product costs The flow of costs through the accounts Number of Work-in-Process Inventory accounts Method of record-keepingarrow_forward
- Use T-accounts to show the flow of materials, labor, and overhead costs from the four overhead activity centers through Work-In-process inventory and out to Finished Goods Inventory.arrow_forwardThe following information has been taken from the job order cost system, used by SALEEM CORPORATION:arrow_forwardShow how to prepare a journal entry to enter direct materials costs into the WIP Inventory account for the first department in a sequential production process. Show how to prepare the journal entry recording the transfer of goods from the first to the second department.arrow_forward
- Which characteristic is the same in both job order costing systems and process costing systems? a. Types of product costs b. Flow of costs through the accounts c. Number of Work-in-Process Inventory accounts d. Method of record keepingarrow_forwardWhich document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving documentarrow_forwardWhat are the four steps involved in determining the cost of inventory transferred from one department to the next and the cost of work in process inventory?arrow_forward
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