BREWER ND LL INTRO MGRL ACTG CON+ AC
19th Edition
ISBN: 9781260711851
Author: BREWER
Publisher: McGraw-Hill Publishing Co.
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Question
Chapter 7, Problem 3AE
To determine
Unit product cost to be determined under Absorption and variable costing. The Income shall be computed under both the methods. The main difference between absorption costing and Variable costing is that the fixed manufacturing overheads shall have been taken while computing the unit product cost under Absorption costing and Only variable
The Unit product cost and Income under Absorption and Variable costing.
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This question is from Accounting Information System 9th edition, James A. Hall
Chap. 2, Problem 12P (the solution of the coursebook is available on bartleby, but unfortunately I cannot access)
System Documentation
The following describes the expenditure cycle procedures.
The inventory control clerk examines the inventory records for items that must be replenished and prepares a two-part purchase requisition. Copy 1 of the requisition is sent to the purchasing department and Copy 2 is filed.
Upon receipt of the requisition, the purchase clerk selects a supplier from the valid vendor journal (reference file) and prepares a three-part purchase order. Copy 1 is sent to the supplier, Copy 2 is sent to the accounts payable department where it is filed temporarily, and Copy 3 is filed in the purchasing department.
A few days after the supplier ships the order, the goods arrive at the receiving department. They are inspected and the receiving clerk prepares a three-part receiving report…
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much.
Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31?
a. P59,000
b. P57,000
c. P61,600
d. P60,210
Requirement 3:
Either print a copy of your worksheet or make a copy of the worksheet in your workbook before proceeding. You will need to refer
back to this worksheet.
Change the percentage completion with respect to conversion for the beginning inventory from 25% to 35%, but keep everything the
same as in Requirement 2. The data area of your worksheet should now look like this:
A
1 Chapter 5: Applying Excel
2
3
4
Data
Beginning work in process inventory:
Units in process
5
6
7
8
9
10
Conversion cost
11 Units started into production during the period
12 Costs added to production during the period:
13
Materials cost
14
Conversion cost
Completion with respect to materials
Completion with respect to conversion
Costs in the beginning work in process inventory:
Materials cost
15 Ending work in process inventory:
16
Units in process
17
Completion with respect to materials
Completion with respect to conversion
18
$
$
Equivalent units of production for materials
B
700
%
35 %
7,674
11,749…
Chapter 7 Solutions
BREWER ND LL INTRO MGRL ACTG CON+ AC
Ch. 7 - What is the difference between absorption costing...Ch. 7 - Are selling and administrative expenses treated as...Ch. 7 - Explain how fixed manufacturing overhead costs are...Ch. 7 - What are the arguments in favor of treating fixed...Ch. 7 - What are the arguments in favor of treating fixed...Ch. 7 - Prob. 6QCh. 7 - If the units produced exceed the units sold, which...Ch. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - How does Lean Production reduce or eliminate the...
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Distinguish between a traceable fixed cost and a...Ch. 7 - Explain how the contribution margin differs from...Ch. 7 - Why aren’t common fixed costs allocated to...Ch. 7 - How is it possible for a fixed cost that ¡s...Ch. 7 - Should a company allocate its common fixed costs...Ch. 7 - Prob. 1AECh. 7 - Prob. 2AECh. 7 - Prob. 3AECh. 7 - Diego Company manufactures one product that is...Ch. 7 - Prob. 2F15Ch. 7 - Prob. 3F15Ch. 7 - Prob. 4F15Ch. 7 - Diego Company manufactures one product that is...Ch. 7 - Prob. 6F15Ch. 7 - Diego Company manufactures one product that is...Ch. 7 - Prob. 8F15Ch. 7 - Diego Company manufactures one product that is...Ch. 7 - Prob. 10F15Ch. 7 - Prob. 11F15Ch. 7 - Prob. 12F15Ch. 7 - Prob. 13F15Ch. 7 - Diego Company manufactures one product that is...Ch. 7 - Diego Company manufactures one product that is...Ch. 7 - Prob. 1ECh. 7 - Variable Costing Income Statement; Explanation of...Ch. 7 - Reconciliation of Absorption and Variable Costing...Ch. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Deducing Changes ¡n Inventories LO7—3 Parker...Ch. 7 - Variable and Absorption Costing Unit Product Costs...Ch. 7 - Prob. 10ECh. 7 - Segmented Income Statement L07—4 Wingate Company,...Ch. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Variable Costing Unit Product Cost and Income...Ch. 7 - Absorption Costing Unit Product Cost and Income...Ch. 7 - Working with a Segmented Income Statement;...Ch. 7 - Prob. 17ECh. 7 - Prob. 18PCh. 7 - Variable Costing Income Statement; Reconciliation...Ch. 7 - Variable and Absorption Costing Unit Product Costs...Ch. 7 - Segment Reporting and Decision-Making L07—4 Vulcan...Ch. 7 - Prob. 22PCh. 7 - Absorption and Variable Costing; Production...Ch. 7 - Companywide and Segment Break-Even Analysis;...Ch. 7 - Prepare and Interpret Income Statements; Changes...Ch. 7 - Prob. 26PCh. 7 - Variable and Absorption Costing Unit Product Costs...
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