HORNGREN'S COST ACCT-MYACCTLAB ACCESS
16th Edition
ISBN: 9781323818923
Author: Datar
Publisher: PEARSON
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Chapter 7, Problem 7.31E
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Please show your computations using good accounting form through excel. Thank you!
Problem: Average Costing
Using the weighted average method, what should be the accumulated cost of work in process as of March 31?
Please help with this question that is attached
Required:
a. Prepare journal entries to record these transactions.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
Info in images
Required:
1. Compute the product margins for the B300 and T500 under the company’s traditional costing system.
2. Compute the product margins for B300 and T500 under the activity-based costing system.
3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.
1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)
B300
T500
Total
Product margin
$0
2. Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.)
B300
T500
Total
Product margin
$0
3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2…
Chapter 7 Solutions
HORNGREN'S COST ACCT-MYACCTLAB ACCESS
Ch. 7 - What is the relationship between management by...Ch. 7 - What are two possible sources of information a...Ch. 7 - Distinguish between a favorable variance and an...Ch. 7 - What is the key difference between a static budget...Ch. 7 - Why might managers find a flexible-budget analysis...Ch. 7 - Describe the steps in developing a flexible...Ch. 7 - List four reasons for using standard costs.Ch. 7 - How might a manager gain insight into the causes...Ch. 7 - List three causes of a favorable direct materials...Ch. 7 - Describe three reasons for an unfavorable direct...
Ch. 7 - How does variance analysis help in continuous...Ch. 7 - Why might an analyst examining variances in the...Ch. 7 - Prob. 7.13QCh. 7 - When inputs are substitutable, how can the direct...Ch. 7 - Benchmarking against other companies enables a...Ch. 7 - Metal Shelf Companys standard cost for raw...Ch. 7 - All of the following statements regarding...Ch. 7 - Amalgamated Manipulation Manufacturings (AMM)...Ch. 7 - Atlantic Company has a manufacturing facility in...Ch. 7 - Basix Inc. calculates direct manufacturing labor...Ch. 7 - Flexible budget. Sweeney Enterprises manufactures...Ch. 7 - Flexible budget. Bryant Companys budgeted prices...Ch. 7 - Flexible-budget preparation and analysis. Bank...Ch. 7 - Flexible budget, working backward. The Clarkson...Ch. 7 - Flexible-budget and sales volume variances....Ch. 7 - Price and efficiency variances. Sunshine Foods...Ch. 7 - Materials and manufacturing labor variances....Ch. 7 - Direct materials and direct manufacturing labor...Ch. 7 - Price and efficiency variances, journal entries....Ch. 7 - Materials and manufacturing labor variances,...Ch. 7 - Journal entries and T-accounts (continuation of...Ch. 7 - Price and efficiency variances, benchmarking....Ch. 7 - Static and flexible budgets, service sector....Ch. 7 - Flexible budget, direct materials, and direct...Ch. 7 - Variance analysis, nonmanufacturing setting. Joyce...Ch. 7 - Comprehensive variance analysis review. Ellis...Ch. 7 - Possible causes for price and efficiency...Ch. 7 - Material-cost variances, use of variances for...Ch. 7 - Direct manufacturing labor and direct materials...Ch. 7 - Direct materials efficiency, mix, and yield...Ch. 7 - Direct materials and manufacturing labor...Ch. 7 - Direct materials and manufacturing labor...Ch. 7 - Use of materials and manufacturing labor variances...Ch. 7 - Direct manufacturing labor variances: price,...Ch. 7 - Direct-cost and selling price variances. MicroDisk...Ch. 7 - Variances in the service sector. Derek Wilson...Ch. 7 - Prob. 7.47P
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- Classifying costs The following is a manufacturing cost report of Marching Ants Inc. a. List the errors in the preceding report. b. Prepare a corrected report.arrow_forwardThe current cost accounting system charges overhead to products based on machine-hours. What unit product costs will be reported for the two products if the current cost system continues to be used? (Round intermediate calculations and "Per unit cost" answers to 2 decimal places.) 308 510 Total cost Per unit cost A consulting firm has recommended using an activity-based costing system, with the activities based on the cost pools identified by the cost accountant. What are the cost driver rates for the four cost pools identified by the cost accountant? (Round your answers to 2 decimal places.) Incoming inspection % of material dollars Production per machine-hour Machine setup per setup Shipping per unit What unit product costs will be reported for the two products if the ABC system suggested by the cost accountant’s classification of…arrow_forwardAllocating and adjusting manufacturing overhead Selected cost data for Classic Print Co. are as follows: Requirements Compute the predetermined overhead allocation rate per direct labor dollar. Prepare the journal entry to allocate overhead costs for the year. Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead.arrow_forward
- 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_forwardIvano Company has collected cost accounting information for the following subset of items forYears 1 and 2. Required:Calculate the values of the missing Items a through e.arrow_forwardPlease see the attachment for data Question : Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold Thanks in advancearrow_forward
- Question (ii) Please to show working on how you arrived with the answers in the Journal entry also I need answer for (iv) along with working out . Please also take into consideration the following when approaching the questions: To record materials issued (Direct & Indirect) – Dr. WIP (Direct); Dr. Manufacturing O/H (Indirect); Cr Material Inventory Manufacturing Wages/Labour - Note that there are two ways of journalizing this cost · First Dr Manufacturing Wages; Cr Wages Payable; Then Dr WIP (Direct), Dr MO (Indirect), Cr Manufacturing Wages OR · Leave out Manufacturing Wages: Dr WIP (Direct), Dr MO (Indirect), Cr Wages Payable NOTE: Wages Payable may also be referred to as Accrued Wages or Accrued Payroll To record Other Manufacturing O/H Costs- Dr Manufacturing O/H; Cr Various A/Cs e.g. Prepaid Insurance, Accumulated Depreciation, Cash etc. To record Manufacturing O/H Applied: Dr WIP; Cr Manufacturing O/H To record Finished Goods: Dr FG; Cr WIP To record Units…arrow_forwardPlease see the attachment for data Question : Prove the agreement fo Work in Process Inventory with job cost sheets pertaining unfinished work. (hint: use a single T-account for Work In Process Inventory). Calculate each of the following, then post each to the T-account : (1) Beginning Balance, (2) Direct Material, (3) Direct Labor, (4) Manufacturing Overhead, and (5) Completed Jobs Thanks in advancearrow_forwardThe fields of accounting and finance are broad and are divisible into many sub-fields: (a) Differentiate between management accounting and financial accounting (b) Using illustrations distinguish between the following: (i) Job costing and process costing (ii) Avoidable and unavoidable costs (iii) Describe the two purposes for which cost information is requested (c) Calculate direct material used, direct labour, and manufacturing overheads given that; Total conversion cost is N$500 000 Direct labour and the other element of conversion cost are in the ratio of 3:2 to total converstion cost Direct material is 5 times more than indirect material and 3 times more than direct labour. Indirect material is already included in the N$500 000 conversion cost.arrow_forward
- Refer to the following notes given in images. Part 2: Key Components of Activity-Based Costing Explain the concept of cost drivers and cost pools in ABC. Provide examples of common cost drivers and cost pools. Answr both parts full explanation. Don't copy from other websites no plagiarism. %$@!++×1144567890]](*&^%%$##==/__>arrow_forwardIn the cost reconciliation report under the weighted-average method, the "Costs to be accounted for" section contains which of the following items? Question 27 options: Cost of ending work in process inventory Cost of units transferred out Cost of ending finished goods inventory Cost of beginning work in process inventory Previous PageNext Pagearrow_forwardOn October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Prepare an income statement under absorption costing.arrow_forward
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