New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
cost accounting
Cost Accounting 11th Edition Lawrence H. Hammer, William K. Carter, Milton F. Usry - Solutions
What is an equivalent unit of production? How is it used? LO3
Equivalent Production and Unit Costs. The Wilton Company uses process costing with an average cost flow assumption in its two producing departments. On April 1, Department B had no units in beginning inven¬ tory. During April, 25,000 units were transferred from Department A to Department B. On
Journal Entries for Process Cost System. Plucky Corporation uses process costing in its two production departments. A separate work in process account is kept in the general ledger for each production depart¬ ment. The following data relate to operations for the month of May. LO3 Beginning Added
Cost of Production Report; Originating Department; Average Costing. Tyndol Fabricators Inc. manufactures a product in two departments. The product is cut out of sheet metal and bent to shape in the Cutting and Forming Department and then transferred to the Assembling Department, where parts
Cost of Production Report; Originating Department; Average Costing. Sonora Manufacturing Company pro¬ duces a product in two manufacturing departments, Molding and Finishing. The product is molded out of plastic in the Molding Department and then transferred to the Finishing Department, where
Cost of Production Report; Second Department; Average Costing. Hypertec Corporation manufactures a product in three departments. The product is cut out of sheet metal in the Cutting Department, then trans¬ ferred to the Forming Department where it is bent to shape and certain parts purchased from
Cost of Production Report; Second Department; Average Costing. Ramirez Corporation manufactures a product in two departments, Cutting and Assembly. The product is cut out of wood in the Cutting Department and then transferred to the Assembly Department, where it is assembled along with component
Cost of Production Report; Materials Added at Two Different Stages; Average Costing. Zupton Manufacturing Corporation produces a product in three departments. The product is cut out of sheet metal in the Cutting Department, then transferred to the Forming Department, where it is bent to shape and
Cost of Production Report; increase in Quantity with Added Materials; Average Costing. Pop Cola Company produces a soft drink in three departments, Syrup, Carbonation, and Bottling. Syrup, which gives the drink its flavor, is produced in the first department. The syrup is then transferred to the
Cost of Production Report; Increase in Quantity with Added Materials; Average Costing. Donegal chemical Company produces a chemical cleaning solvent in three departments, Refining, Blending, and Finishing. The process begins in the Refining Department, where the base solvent is removed from a
(Appendix) Cost of Production Report; Originating Department; Fifo Costing. Brimhall Manufacturing Company produces a product that is manufactured in two departments. The product is cut out of wood in the Cutting Department and then transferred to the Assembly Department, where parts purchased from
(Appendix) Cost of Production Report; Second Department; Fifo Costing. Kandu Tool Company manufac¬ tures a product in two departments, Cutting and Assembly. The product is cut out of sheet metal, bent to shape, and painted in the Cutting Department. Then, it is transferred to the Assembly
(Appendix) Cost of Production Report; Increase in Quantity with Added Materials; Fifo Costing.Northeastern Chemical Company produces a chemical preservative in two departments, Refining and Blending. The process begins in the Refining Department, where the liquid chemical base is removed from a
Cost of Production Report and Journal Entries; Average Costing. Modem Cabinet Company manufactures a single model of a commercial prefabricated wooden cabinet. The company uses a process cost system with an average cost flow assumption. It maintains a separate work in process account for each of
Cost of Production Report and Journal Entries; Average Costing. Rathbone Tool Corporation manufactures a single model of a commercial cutting tool. The product is cast from molten steel in the Casting Department, and then it is transferred to the Finishing Department, where it is ground and
Cost of Production Report and Journal Entries; Average Costing, jetter Engine Corporation manufac- ^ tures a single model of gasoline engine used in lawn mowers, portable generators, and pumps. The basic engine block is cast from steel and machined in the Casting Department. Then, it is transferred
Cost of Production Report and Journal Entries; Materials Added in Second Department Increases Production Quantity; Average Costing. Persona Cologne Company produces cologne in a two-step process. A base fragrance is created by mixing several chemicals in the Blending Department. The liquid output
Cost of Production Report and Journal Entries; Materials Added in Second Department Increases Production Quantity; Average Costing. Hytest Chemical Corporation produces aircraft fuel in a two-step process. Unrefined gasoline is purchased from a major oil company and refined in the Refining
(Appendix) Cost of Production Report and Journal Entries; Fifo Costing. Upton Manufacturing Company ^ manufactures a single model of a portable work bench. The company uses a process cost system, with a fifo cost flow assumption, and it maintains a separate work in process account for each of its
(Appendix) Cost of Production Report and Journal Entries; Fifo Costing. Marston Manufacturing Company sells a single model of an auxiliary fuel tank which is manufactured in two producing departments, Fabricating and Finishing. Each fuel tank is cut from steel, shaped, and welded to its basic form
(Appendix) Cost of Production Report and Journal Entries; Materials Added in Second Department Increases Quantity; Fifo Costing. Twonka Beverage Company produces a soft drink with a fruit juice base. Fruit is mashed into a juice in the Mashing Department. The juice is then transferred to the
Perform job order cost accumulation. LO1
Identify and prepare the eight basic cost accounting entries involved in job order costing. LO1
Prepare a job order cost sheet. LO1
Use a predetermined overhead rate in job order costing. LO1
Recognize job order cost sheets in a variety of forms, for both manufacturing and service businesses. LO1
It has been said that an actual product cost does not exist, in the sense of absolute authenticity and verifiability. Why? LO1
What is the primary objective in job order costing? LO1
What is the rationale supporting the use of process costing instead of job order costing for product costing purposes? LO1
Describe the uses of a job order cost sheet. LO1
What is the function of the work in process account in job order costing? LO1
How is control over prime costs achieved in job order costing? LO1
Distinguish between actual and applied factory overhead. LO1
Some service businesses use job order costing. What characteristic of a service business makes it likely that job order costing will be used? LO1
Simple Job Order Cost Sheet. Review this chapter’s journal entries, which record the January activity of Rayburn Company.Required: Prepare a brief cost sheet for the completed Job 5575. LO1
Simple Job Order Cost Sheet. Review this chapter’s journal entries, which record the January activity of Rayburn Company.Required: Prepare a brief cost sheet showing the costs incurred to date on the incomplete Job 5576. LO1
Manufacturing Costs. The work in process account of Bamersmith Company showed: LO1 Work in Process Materials$15,500 Finished goods $37,500 Direct labor 14,750 Factory overhead 11,800 Materials charged to the one job still in process amounted to $3,200. Factory overhead is applied as a predetermined
4 Manufacturing Costs. Information concerning Westmack Company’s manufacturing activities for December follows: LO1 Finishedgoods.Direct materials.Directlabor.Machinetime.I Work in process.Direct materials, $2.40 per unit Direct labor, $.80 per unit Machinetime.Materials.Inventories December 1
Manufacturing Costs. Selected data concerning last year’s operations of Multicom Company are as follows (in thousands of dollars): LO1 Inventories Beginning Ending FinishedGoods.. $90$110 Work in Process.. 80 30 Materials.. 75 85 Other data:(a) Materials used, $326(b) Total manufacturing costs
Manufacturing Costs. Hutto Company is to submit a bid on the production of 11,250 ceramic plates. It is estimated that the cost of materials will be $13,000 and the cost of direct labor will be $15,000. Factory over¬ head is applied at $2.70 per direct labor hour in the Molding Department and at
Job Order Cost Sheet. Wadsworth Machine Works collects its cost data by job order cost accumulation. For Job 909, the following data are available: LO1 Direct Materials Direct Labor 9/14 Issued, $600 Week of Sept. 20, 90 hrs. @ $6.20/hr.9/20 Issued, 331 Week of Sept. 26, 70 hrs. @ $7.30/hr.9/22
Journal Entries for Job Order Costing. The following job order cost detail pertains to the three jobs that were in process at the Equinaut Company during January. LO1 Job 66 Job 67 Job 68 Cost charged in prior period.Costs added in January:$40,000$15,000$ -Direct materials.35,000 45,000 55,000
Journal Entries for Job Order Costing. Angelina Company’s July transactions included the following: LO1(a) Purchased materials on account cost $35,000.(b) Requisitions for $8,000 of direct materials and $2,000 of indirect materials were filled from the storeroom.(c) Factory payroll totaling
Flow Of Costs Through T Accounts. The Emerson Company had the following inventories at the beginning and end of January: LO1 January 1 January 31 Materials. $10,000 $38,000 Work in Process. ? 110,000 Finished Goods. 50,000 150,000 During January, the cost of materials purchased was $138,000 and
Brief Job Costing Journal Entries. Micro Solutions Incorporated produced Job 121 using $11,250 of direct materials and $3,945 of direct labor. Overhead is applied at a predetermined rate of 150% of direct labor cost.Required: Prepare general journal entries, omitting subsidiary detail, to record
Manufacturing Costs. Last month, Georgetown Company put $60,000 of materials into production. The Grinding Department used 8,000 labor hours at $5.60 per hour, and the Machining Department used 4,600 hours at a cost of $6 per hour. Factory overhead is applied at a rate of $6 per labor hour in the
Manufacturing Costs. Langston Tool uses job order cost accumulation and applies overhead based on direct labor hours. Any underapplied or overapplied overhead is adjusted directly to Cost of Goods Sold at the end of each month. On April 1, job cost sheets indicated the following: LO1 Job 201 Job
Manufacturing Cost Computations with T Accounts. The following information pertains to the cioverdale Company: LO1 Account Balances Finished Goods.Work in Process.Materials.Accounts Payable.Accrued Payroll.Accounts Receivable Beginning Ending$80,000$ ?20,000?15,000 23,000 7,000 5,000 11,000 14,000
Income Statement; Cost of Goods Sold Statement; Factory Overhead Analysis. On October 1, the accountant of Columbus Company prepared a trial balance from which the following accounts were extracted: LO1 Dr Cr Finished Goods (2,800units). $ 9,800 Work in Process (1,200units). 4,070 Materials
Balance Sheet; Income Statement. On December 31, 19A, Morrisville Canning Company, with outstanding common stock of $30,000, had the following assets and liabilities: LO1 Cash. $ 5,000 Accountsreceivable. 10,000 Finishedgoods. 6,000 Work inprocess. 2,000 Materials. 4,000 Prepaidexpenses. 500
Job Order Costing. Tropez Inc. had the following inventories on March 1: LO1 FinishedGoods. $15,000 Work inProcess. 19,070 Materials. 14,000 The work in process account controls three jobs:Job 621 Job 622 Job 623 Materials.$2,800$3,400$1,800 Labor.2,100 2,700 1,350 Applied Factory Overhead.1,680
Ledger Accounts Covering Cost Accounting Cycle and Job Order Cost Accumulation. The books of Rio Grande Products Company show the following account balances as of March 1: LO1 FinishedGoods. $ 78,830 Work inProcess. 292,621 Materials. 65,000 Over- or Underapplied FactoryOverhead. 12,300 (Cr.)The
Job Order Cost Cycle; General and Subsidiary Ledgers; Cost of Goods Sold Statement. On January 1, the gen¬ eral ledger of Mid-State Company contained the following accounts and balances: LO1 Cash. $ 47,000 AccountsReceivable. 50,000 FinishedGoods. 32,500 Work inProcess. 7,500 Materials. 22,000
Details of inventories are: LO1 Finished goods inventory: $32,500 Job 101 Job 102 Work in process inventory:Direct materials: 500 units of A @ $5.$2,500 200 units of B @ $3.$ 600 Direct labor: 500 hours @$4.2,000 200 hours @$5.1,000 Factory overhead applied at the rate of $2 per direct
Present the flow of manufacturing costs using general journal entries and T accounts. LO8
Prepare a statement of cost of goods sold for a manufacturer. LO8
Prepare financial statements for a manufacturer. LO8
Name different kinds of cost systems, state how each system measures costs, and tell which cost elements are included in product costs under each system. LO8
Distinguish between job order and process costing, and give examples of businesses in which each is used. LO8
Enumerate the five parts of the cost of goods sold section of the income statement. LO8
Discuss the complementary relationship between the balance sheet and the income statement. LO8
If a company uses actual full absorption process costing, what attribute of the cost accounting sys¬ tem is described by each of the three terms— actual, full absorption, and process? LO8
Distinguish among prime, direct, and absorption costing systems. LO8
What is the difference between actual costing and standard costing? LO8
Distinguish among the process, job order, and backflush cost accumulation methods. LO8
In defense-related industries, in which cost-plus contracting is the dominant form of business, what cost accounting systems are dominant? LO8
What is meant by super-full absorption? LO8
Name some industries in which job order costing is common. LO8
Name some industries in which process costing is common. LO8
What are some important aspects common to both job order and process costing? LO8
What is meant by a blended costing method? LO8
What characterizes flexible manufacturing sys¬ tems? LO8
What are the advantages of a flexible manufac¬ turing system over other manufacturing systems? LO8
How does the initial cost of creating a flexible manufacturing system compare with that of other manufacturing systems? LO8
What distinguishes the kind of manufacturing setting suited for backflush costing from those suited for job order or process costing? LO8
Cost of Goods Sold. Brief Manufacturing incurred manufacturing costs totaling $110,000 in July. Inventories were as follows (in thousands): LO8 June 30 July 31 Finished Goods Work in Process$150 80$120 90 Required: Calculate cost of goods sold for July.
Cost Of Goods Sold. Mulcahey Company has gathered the following data concerning its May operations (in thousands): LO8 Work in process inventory,beginning. $250 Direct materialsused. 90 Finished goods inventory,ending. 300 Directlabor. 60 Work in process inventory,ending. 210 Factoryoverhead. 80
Cost Of Goods Manufactured; Cost Of Goods Sold. Aspen Company incurred the following costs during the month: direct labor, $120,000; factory overhead, $108,000; and direct materials purchases, $160,000. Inventories were costed as follows: LO8 Beginning Ending FinishedGoods. $27,000 $30,000 Work in
Manufacturing Costs; Cost of Goods Manufactured; Inventories. Cost data on the activities of Sinbad Manufacturing for May are as follows: LO8(a)Account balances: Finished Goods.... Work in Process...Direct Material.Indirect Material...April 30 May 31$45,602 $ ?60,420 52,800 10,250 12,700 5,600
Journal Entries for the Cost Accounting Cycle. Dunnington Company had the following transactions in March: LO8(a) Materials were purchased on account, $40,000.(b) Materials were requisitioned: $33,000 for production and $2,000 for indirect factory use.(c) Total payroll of $40,000 was recorded.(d)
Journal Entries for the Cost Accounting Cycle. The geheral ledger of the Pacific Bearings Company contained the following accounts, among others, on January 1: Finished Goods, $15,000; Work in Process, $30,000; Materials, $25,000. During January the following transactions were completed: LO8(a)
Cost Of Goods Manufactured Statement. Wallace Industries, a maker of steel cable for use in bridges, closes ^ its books and prepares financial statements at the end of each month. The preclosing trial balance as of May 31, 19A, (in thousands) is as follows: LO8 Debit Credit Cash and Marketable
Cost Of Goods Sold Statement. Cinnabar Company has provided the following data concerning its operations for the year ended December 31, 19A: LO8 Raw materials on hand, December31. $ 24,000 Work in process, December 31.30,000 Finished goods, December31. 40,000 Factory supplies on hand, December31.
Cost Of Goods Manufactured and Sold. For July, Bridgewell Company had cost of goods manufactured equal to $50,000; direct materials used, $16,000; cost of goods sold, $60,000; direct labor, $24,000; purchases of mate¬ rials, $25,000; cost of goods available for sale, $70,000; and total factory
Cost Of Goods Manufactured and Sold. For June, Scottsburg Company had cost of goods manufactured equal to $120,000; materials purchases, $33,000; depreciation of manufacturing assets, $17,000; cost of goods sold, $140,000; expired insurance on manufacturing assets, $2,000; cost of goods available
Cost Of Goods Manufactured; Prime and Conversion Costs. Madeira Company’s purchases of materials during March totaled $110,000, and the cost of goods sold for March was $345,000. Factory overhead was 50% of direct labor cost. Other information pertaining to Madeira Company’s inventories and
Income Statement Relationships.fiscal years: LO8 The following data are available for three companies at the end of their Company A:Finished goods, January1. $ 600,000 Cost of goodsmanufactured. 3,800,000 Sales. 4,000,000 Gross profit onsales. 20%Finished goods inventory, December 31. ?Company
Cost accounting Cycle Entries in T Accounts. Dekker-Lopez Company charges its total actual factory over¬ head to Work in Process. Selected account balances for September are as follows: LO8 September 1 September 30 FinishedGoods.$34,000$ 30,000 Work in Process.7,000?Materials and Supplies.20,000
Journal Entries for the Cost Accounting Cycle. Jaedicke-Shenkir Company incurred $40,000 direct labor cost in 19A and had the following selected account balances at the beginning and end of 19A: LO8 January 1 December 31 FinishedGoods.$28,000$ 45,000 Work in Process.12,000 14,000 Materials.17,000
The Cost Accounting Cycle. The Hopkins & White Company’s January 1 account balances are: LO8 Debit Credit$15,500 2,250 10,000 60,000 21,250 Machinery. 40,000 Cash. $20,000 Accounts Payable.Accounts Receivable. 25,000 Accrued Payroll.FinishedGoods. 9,500 Accumulated Depreciation Work inProcess.
Define the term cost object and give examples of cost objects relevant to different types of decisions. LO6
Describe several degrees of cost traceability implied by the terms direct cost and indirect cost.LO6
State the considerations involved in creating a cost accounting information system.LO6
Explain why increased attention is being given to nonfinancial performance measures.LO6
Name and describe the ways costs are classified.LO6
What are cost objects and why are they important?LO6
(a) Why is the particular choice of a cost object important in classifying costs as direct or indirect?(b) Give an example of how the choice of a dif¬ ferent cost object changes the direct or indi¬ rect classification of a single item of cost.
Define a cost system.LO6
Enumerate the requirements of a good informa¬ tion system.LO6
What is the purpose of a chart of accounts?LO6
Showing 1700 - 1800
of 6579
First
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Last
Step by Step Answers
Get 50% OFF
Claim Now
