3. 10 points. For the following transactions, make a journal entry, show the entry in t-accounts,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3. 10 points. For the following transactions, make a journal entry, show the entry in t-accounts, or draw a diagram to represent the flow of costs, making sure to indicate the amount of the cost flow (Please treat a, b, and c as independent transactions. Don't put them together when preparing the t- accounts). a. Paid $20,000 cash for manufacturing overhead costs, and accrued $1,000 in depreciation on factory equipment. b. Finished work on the following units: good units costing $25,000, normal spoilage costing $4,000, and abnormal spoilage costing $1,000. c. Closed the manufacturing overhead account. Balances before adjustment were $231,000 (credit) in Manufacturing Overhead, $350,000 (debit) in Work-in-Process, $1,100,000 (debit) in Finished Goods, and $15,050,000 (debit) in Cost of Goods Sold. 4. 5 points. What is the purpose of a costing system? Explain in 1-2 sentences (at most). 3. 10 points. For the following transactions, make a journal entry, show the entry in t-accounts, or draw a diagram to represent the flow of costs, making sure to indicate the amount of the cost flow (Please treat a, b, and c as independent transactions. Don't put them together when preparing the t- accounts). a. Paid $20,000 cash for manufacturing overhead costs, and accrued $1,000 in depreciation on factory equipment. b. Finished work on the following units: good units costing $25,000, normal spoilage costing $4,000, and abnormal spoilage costing $1,000. c. Closed the manufacturing overhead account. Balances before adjustment were $231,000 (credit) in Manufacturing Overhead, $350,000 (debit) in Work-in-Process, $1,100,000 (debit) in Finished Goods, and $15,050,000 (debit) in Cost of Goods Sold. 4. 5 points. What is the purpose of a costing system? Explain in 1-2 sentences (at most).
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Sadik Industries must install $1 million of new machinery in its Texas plant. It can obtain a bank loan for 100% of the required amount. Alternatively, a Texas investment banking firm that represents...
-
0 Journal Entries and Ledger Accounts Covering Cost Accounting Cycle. During November, these transactions took place in the Sanger Manufacturing Company: (a) Materials purchased on account, $35,600....
-
The interest rate on a $ 5 5 , 0 0 0 loan is 8 . 2 % compounded semiannually. Quarterly payments will pay off the loan in fourteen years. ( Do not round intermediate calculations and round your final...
-
Does the customer buying process end when a customer buys some merchandise? Explain your answer.
-
It takes + 6.0J of work to move two charges from a large distance apart to 1.0 cm from one another. If the charges have the same magnitude, (a) How large is each charge, and (b) What can you tell...
-
What are the SS between and MS between ? A video game developer is testing a new game on three different groups. Each group represents a different target market for the game. The developer collects...
-
Use the work sheet for Provident Electronics, Inc. from Work Together 13-1. Statement paper and pages 14, 15, and 16 of a general journal are provided in the Working Papers. Your instructor will...
-
On October 15, 2014, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business-use asset Jon acquired in 2014. He used the car 80% of the time for...
-
he manager of a pub takes a random sample of 12 tables served during the course of an evening and records the total value of the cheque for each table: 39 52 32 53 70 63 69 48 60 66 43 69...
-
Why series JFET has a higher on-off ratio as compared to the shunt JFET?
-
True or False. The governing equation of a continuous system is an ordinary differential equation.
-
Among the tools the auditor may employ to determine the reasonableness of the sales amount for a company during a given accounting period is regression analysis, whereby the company's sales are...
-
When the axial force approaches the Euler buckling load, the fundamental frequency of the beam reaches a. infinity b. the frequency of a taut string c. zero
-
After obtaining an understanding of a client's controls, an auditor may decide to omit tests of the controls. Which of the following is not an appropriate reason to omit tests of controls? a. The...
-
How many natural frequencies does a continuous system have?
-
Style Ltd is in the business of recreation. The directors of Style Ltd are Barry, David, and Kate. There are 100 shares, with Barry, David, and Kate having 20 shares each and the remaining shares...
-
Chicago Company sold merchandise to a customer for $1,500 cash in a state with a 6% sales tax rate. The total amount of cash collected from the customer was $558. $600. $642. $636. Nevada Company...
-
What is the formula for calculating the accounts receivable turnover ratio?
-
How is the addition to allowance for uncollectible accounts calculated using the percentage of accounts receivable method?
-
In the direct write-off method, how is an uncollectible account closed?
Study smarter with the SolutionInn App