Vincenzo's Manufacturing Co. uses a job order cost system. The following accounts have been taken from the
Question:
Required:
1. Analyze the accounts and describe in narrative form what transactions took place. (Use the reference letters a. through f. in your explanations and note that some accounts needed in your explanation have been purposely omitted.)
2. List the supporting documents or forms required to record each transaction involving the receipt or issuance of materials.
3. Determine the ending balances for Materials, Work in Process, and FinishedGoods.
Transcribed Image Text:
Materials Bal. Inventory a. Purchases for month 7,000 b Requisitions for month 22,000 19,000 Work in Process 47,500 Bal. Inventory b. Material Requisitions 19,000 c. Direct Labor d Factory Overhead 12,000 3,600 e. To Finished Goods 17,000 Bal. Inventory e. Goods Finished Finished Goods 11,650 f To Cost of Goods Sold 47,500 55,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
1 and 2 a The company purchased materials costing 22000 ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
1- Does globalization promote or denote global health? Justify your answer with (Minimum 1000 words- 25 Marks) relevant arguments and suitable references. 2- COVID-19 pandemic has stricken the globe...
-
Describe how a job order cost system can be used for professional service businesses.
-
Describe how a job order cost system can be used for professional service businesses.
-
Mary, who is single, had the following items for 2016: Required: Determine Marys adjusted gross income for 2016. Salary $80,000 Loss on sale of 8 1244 small business stock acquired 3 years ago...
-
Find the derivatives of the following functions. f(x) = x2 sin(x).
-
Consider an electronic system consisting of four components, each of which must work for the system to function. The reliability of the system can be improved by installing several parallel units in...
-
Describe your interest in participating as a student and separately as an employee in programs like #RandomCoffee, Innovate Brew, and Ten Thousand Coffees.
-
Assume you are building custom motorcycles. All custom bikes use some standard parts. Part number HD-60 is stocked in your inventory of component parts. Each year you use about 2,000 HD-60 components...
-
The Global Tea and Organic Juice companies have merged. Given the project information below, complete the missing entries in the table. Activity Description Predecessor Opt. (a) ML. (m) Pess. (b) te...
-
Read the Rohm and Haas case case and then answer the following questions: 1. What should Joan Macey do? a. Specifically with respect to pricing? b. Specifically with respect to distribution? 2. What...
-
Miracle Manufacturing Inc. uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of September 1, follows: Cash . . . . . . . . . . . . ....
-
The following actions occurred at Fort Myers Sheet Metal Co. relative to accounting for materials costs for April. Mar. 31 The factory manager informs the storeroom keeper that for the month of...
-
The point of an IDEO intervention is to develop products or services acutely attuned to how their client firms current or targeted customers really want to use them. It is customers who differentiate...
-
There are different perspectives on justice: crime control, rehabilitation, due process, nonintervention, equal justice, and restorative justice. Explain all the terms in detail. Write a speech you...
-
Molar Mass Find the molar mass of the following compounds. 1.) a.)ZnCl b.) Mg(NO3)2 c.) Al2(CO3)3 d.) Fe(OH)3 e.) NaOH
-
If a +2-coulomb charge is moved from a place where the voltage is -100 V to a place where the voltage is +100 V, what has been the change in its potential energy? Has the potential energy increased...
-
Think about a product or service that has undergone a dramatic increase in popularity in recent years, such as electric vehicles (EVs) or streaming services. Discuss how changes in consumer...
-
(b) Please explain what is meant by the term Balance of Payments. Describe and list the principal components of a nations Balance of Payments accounts. (c) What factors do lending institutions...
-
You are the audit senior of Bobo Ltd, a manufacturer of electrical goods. You have been asked to design audit tests for part of the purchases system. Key aspects of the system you are reviewing are:...
-
Saccharin is an artificial sweetener that is used in diet beverages. In order for it to be metabolized by the body, it must pass into cells. Below are shown the two forms of saccharin. Saccharin has...
-
What are some of the examples of pictorial charts?
-
What is the difference between the average cost method and the first-in, first-out (FIFO) cost method?
-
What advantage does the FIFO cost method have over the average cost method relative to providing information for cost control?
-
How would you define each of the following? a. joint products b. by-products c. joint costs d. split-off point
-
Give a context-free grammar that generates the language A = {a i b j c k | i = j or j = k where i, j, k 0}. Is your grammar ambiguous? Why or why not? (if yes, please draw the parse trees.)
-
A project has an initial cost of $55,000, expected net cash inflows of $10,000 per year for 7 years, and a cost of capital of 9%. What is the project's MIRR?
-
Calculate the peak voltage ( in Volts ) of a generator that rotates its 2 0 0 - turn, 0 . 1 0 0 m diameter coil at 3 . 9 x 1 0 3 rpm in a 0 . 6 T field. You should round your answer to the nearest...
Study smarter with the SolutionInn App