MANAGERIAL ACCOUNTING ACCT 2302 >IC<
5th Edition
ISBN: 9781259690440
Author: Wild
Publisher: MCG CUSTOM
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Chapter 8, Problem 17QS
A Preparing
Refer to the information in QS 21-16. Alvarez records
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(d) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account, clearlyshowing the balance before closing the account. State the journal entries necessary to dispose ofthe variance. Assume that the manufacturing overhead variance is immaterial. (e) What is the balance in the Cost of Goods Sold account after the adjustment? (f) Compute Elite’s gross profit earned on the jobs sold, after adjusting for the manufacturing overheadvariance (g) Post the appropriate entries to Work in Process Inventory account & determine the account balanceon March 31, the end of the quarter.
(d) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account, clearly showing the balance before closing the account. State the journal entries necessary to dispose ofthe variance. Assume that the manufacturing overhead variance is immaterial. (e) What is the balance in the Cost of Goods Sold account after the adjustment?(f) Compute Elite’s gross profit earned on the jobs sold, after adjusting for the manufacturing overheadvariance
(a) Compute KRAFT ‘R’ US’ predetermined manufacturing overhead rate for 20X8. (b) State the journal entries necessary to record the above transactions in the general journal. Assume that KRAFT ‘R’ US uses the perpetual inventory system. (c) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account and state the balance on the account before performing end of period closing entries. Show the journal entriesnecessary to dispose of the variance. (d)What is the balance in the Cost of Goods Sold account after the adjustment? (e) Compute KRAFT ‘R’ US’gross profit earned on the jobs completed. (f) 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.
Chapter 8 Solutions
MANAGERIAL ACCOUNTING ACCT 2302 >IC<
Ch. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - A Company’s standard for a unit of its single...Ch. 8 - Prob. 5MCQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQ
Ch. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 14DQCh. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 1QSCh. 8 - Prob. 2QSCh. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Managers use management by exception for control...Ch. 8 - Tercer report the following on one of its...Ch. 8 - Prob. 9QSCh. 8 - Materials cost variances P2 Juan Company’s output...Ch. 8 - The following information describes a companys...Ch. 8 - Prob. 12QSCh. 8 - Fogel Co. expects 116,000 units for the year. The...Ch. 8 - AizPro Corp, reports the following for November....Ch. 8 - Refer to information in QS 8-14. Compute the...Ch. 8 - Prob. 16QSCh. 8 - A Preparing overhead entries P5 Refer to the...Ch. 8 - Mosaic Company applies overhead using machine...Ch. 8 - Refer to the information from QS 8-18. Compute the...Ch. 8 - Farad, Inc., specializes in selling used SUVs....Ch. 8 - In a recent year, BMW sold 216,944 of its 1 series...Ch. 8 - JPAK Company manufactures and sells mountain...Ch. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Exercise 21-8 Standard unit cost; total variance...Ch. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Refer to Exercise 8-13. Hart Company records...Ch. 8 - Prob. 15ECh. 8 - After evaluating Null Companys manufacturing...Ch. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Exercise 21-19 Computation of total overhead rate...Ch. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - Phoenix Companys 2015 master budget included the...Ch. 8 - Prob. 2PSACh. 8 - Prob. 3PSACh. 8 - Prob. 4PSACh. 8 - Prob. 5PSACh. 8 - Prob. 6PSACh. 8 - Tohono Companys 2015 master budget included the...Ch. 8 - Refer to the information in Problem 8-1B. Tohono...Ch. 8 - Prob. 3PSBCh. 8 - Prob. 4PSBCh. 8 - Prob. 5PSBCh. 8 - Problem 21-6BA Materials, labor, and overhead...Ch. 8 - (This serial problem began in Chapter 1 and...Ch. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - The reason we use the words favorable when...Ch. 8 - Prob. 5BTNCh. 8 - Prob. 6BTNCh. 8 - Prob. 7BTNCh. 8 - Prob. 8BTNCh. 8 - Prob. 9BTN
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- Journal Entries, Basic Cost Flows In December, Davis Company had the following cost flows: Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION Explain how the journal entries differ from a job-order cost system.arrow_forwardDescribe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overheadarrow_forwardA summary of materials requisition slips and time tickets, along with the overhead allocation, show these costs: Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.arrow_forward
- Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)arrow_forwardThe following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.arrow_forwardRefer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.arrow_forward
- Assigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventoryarrow_forwardFIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33. Required: Prepare a cost of production report for the Fabrication Department for December using the FIFO method of costing.arrow_forwardClassifying 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_forward
- Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.arrow_forwardJournalizing the distribution of service department costs to production departments Required: Using your solution to P4-7, prepare journal entries for the following: The distribution of the total factory overhead of $79,400 to the individual production and service departments where it originated. The distribution of the Building Maintenance overhead to the appropriate other departments. The distribution of the Factory Office overhead to the appropriate other departments.arrow_forwardA companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.arrow_forward
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