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20 - 1 Job Order Costing Ex. 178 Jaymes Company begins operations on July 1, 2014. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job No.    July AugustSeptember 100$12,400$8,800 1019,6009,700$12,500 1026,000 1039,8006,000 1045,8007,000 Job 102 was completed in July. Job 100 was completed in August, and Jobs 101 and 103 were completed in September. Each job was sold for.
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19 - 1 Managerial Accounting S-A E  206 Assume you have just taken a position as controller for a new company that manufactures and sells wrought iron wall hangings. Although the founder of the company, who is the president and CEO, is a great artisan, she has very limited knowledge of accounting. Instructions To.
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20 - 1 Job Order Costing Ex. 188 The following information is available for Spencer Company at December 31, 2014: 1.Inventory balanceBeginning of YearEnd of Year Finished Goods$12,000$14,000 Work in Process6,50015,000 Raw Materials10,3006,500 2.Debit postings to Work in Process Inventory during the year were: Direct materials$92,000 Direct labor54,000 Manufacturing overhead applied81,000 3.Sales totaled $317,000 for the year. Instructions (a)Prepare a condensed cost of goods.
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20 - 1 Job Order Costing Ex. 180 Matt Warren and Associates, a C. P. A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. McCartneyLennonRingo Direct.
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20 - 1 Job Order Costing Ex. 163 Nona Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June1Purchased raw materials for $22,000 on account. 8Raw materials requisitioned by production: Direct materials$8,500 Indirect materials1,500  15Paid factory utilities, $2,400 and repairs.
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20 - 1 Job Order Costing 21.There should be a separate job cost sheet for each job. 22.Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job. 23.The formula for the predetermined overhead rate is estimated annual overhead costs divided by an expected annual operating activity. 24.Actual.
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20 - 1 Job Order Costing 136.If manufacturing overhead has been underapplied during the year, the adjusting entry at the end of the year will show a a.debit to Manufacturing Overhead. b.credit to Cost of Goods Sold. c.debit to Work in Process Inventory. d.debit to Cost of Goods Sold. 137.If manufacturing overhead has been overapplied during the.
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20 - 1 Job Order Costing COMPLETION STATEMENTS               189.Cost accounting involves the measuring, recording, and reporting of ______________ costs.               190.There are two basic types of cost accounting systems: (1)__________________ system, and (2)__________________ system.               191.A ______________ cost system is appropriate when similar products are continuously produced, whereas a ______________ cost system would be.
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19 - 1 Managerial Accounting Ex. 179 The following costs and inventory data were taken from the accounts of Garfunkle Company for 2014: January 1, 2014December 31, 2014 Inventories:Raw materials$  9,000$  6,000Work in process16,00014,000Finished goods15,00010,000 Costs incurred:Raw materials purchases$94,000Direct labor40,000Factory rent8,400Factory utilities10,600Indirect materials4,300Indirect labor9,700Operating expenses17,000 Instructions a.Prepare a schedule showing the amount of direct materials used in production.
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20 - 1 Job Order Costing Ex. 174 Mitchel Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2014 for the company and for Job 62: Company Job 62 Direct materials$70,000$5,500 Direct labor$30,000$2,800 Manufacturing overhead costs$76,500 Machine hours90,0001,500 During 2014, the.
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21 - 1 Process Costing 21.When equivalent units of production are different for materials and conversion costs, unit costs are computed for materials, conversion, and total manufacturing. 22.The total manufacturing cost per unit is used in costing the units completed and transferred during the period. 23.A production cost report is an internal document for.
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20 - 1 Job Order Costing TRUE-FALSE STATEMENTS 1.Cost accounting is primarily concerned with accumulating information about product costs. 2.A job order cost system is most appropriate when a large volume of uniform products are produced. 3.A process cost accounting system is appropriate for similar products that are continuously mass produced. 4.The perpetual inventory method cannot.
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19 - 1 Managerial Accounting Ex. 182 Data for the cost of direct materials for the month ended March 31, 2014, are as follows: Materials inventory, March 1, 2014$75,000 Materials inventory, March 31, 201460,000 During March, the company purchased $250,000 of raw materials on account from Garner Company and $93,000 of raw materials for cash from.
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19 - 1 Managerial Accounting Ex. 173 Ralphe Manufacturing Company has the following data at June 30, 2014: Raw materials inventory, June 1$  14,700 Work in process inventory, June 117,300 Finished goods inventory, June 144,600 Total manufacturing costs450,000 Sales690,000 Work in process inventory, June 3034,000 Finished goods inventory, June 3062,500 Raw materials inventory, June 3019,000 Ex. 173.(Cont.) Instructions (a)Prepare an income statement through gross.
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20 - 1 Job Order Costing MULTIPLE CHOICE QUESTIONS 36.Which of the following is one of the components of cost accounting? a.It involves measuring product costs. b.It involves the determination of company profits. c.It requires GAAP to be applied. d.It requires cost minimizing principles. 37.A major purpose of cost accounting is to a.classify all costs as operating or nonoperating. b.measure,.
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21 - 1 Process Costing MULTIPLE CHOICE QUESTIONS 38.A process cost accounting system is most appropriate when a.a variety of different products are produced, each one requiring different types of materials, labor, and overhead. b.the focus of attention is on a particular job or order. c.similar products are mass-produced. d.individual products are custom made to the specification.
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20 - 1 Job Order Costing SHORT-ANSWER ESSAY QUESTIONS S-A E  200 (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? S-A E  201 A job order cost accounting system is fully integrated into the general ledger of a company. Identify the major general.
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20 - 1 Job Order Costing 76.The following information is available for completed Job No. 404: Direct materials, $60,000; direct labor, $90,000; manufacturing overhead applied, $120,000; units produced, 6,000 units; units sold, 5,000 units. The cost of the finished goods on hand from this job is a.$45,000. b.$270,000. c.$54,000. d.$225,000. 77.Athletics, Inc. completed Job No. C04 during.
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20 - 1 Job Order Costing 126.Noble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost$2,500,000 Actual annual overhead cost$2,360,000 Estimated machine hours500,000 Actual machine hours480,000 a.$2,400,000 applied and $40,000 overapplied b.$2,500,000 applied and $40,000 overapplied c.$2,400,000 applied.
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20 - 1 Job Order Costing 66.A copy of the materials requisition slip would not include the: a.quantity. b.stock number. c.cost per unit. d.name of the supplier. 67.Materials requisition slips are costed a.by production supervisors. b.by factory personnel who work on the production line. c.after the goods have been sold. d.using any of the inventory costing methods. 68.Posting to control accounts in.
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19 - 1 Managerial Accounting COMPLETION STATEMENTS               186.Financial accounting information is prepared mainly for ______________ users, while managerial accounting information is prepared primarily for ______________ users.               187.The types of reports prepared in managerial accounting are often ______________-purpose reports prepared for a specific decision.               188.Managerial accounting reports generally pertain to ______________ of a.
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19 - 1 Managerial Accounting Ex. 180 Manufacturing costs for Carson Company for selected months are as follows:    April     July October Beginning work in process$  85,000(f)$ 98,400 Direct materials used270,000$192,000155,800 Direct labor185,000170,000(j) Manufacturing overhead(a)150,00093,000 Total manufacturing costs880,000512,000452,000 Total cost of work in process(b)630,000(k) Ending work in process70,000(g)(l) Cost of goods manufactured(c)520,000375,000 Beginning finished goods(d)36,000(m) Cost of goods available for sale970,000(h)485,000 Ending finished goods(e)79,000(n) Cost of goods.
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19 - 1 Managerial Accounting MATCHING 201.Match the items in the two columns below by entering the appropriate code letter in the space provided. A.Managerial accounting F.Work in process inventory B.Financial accounting G.Direct materials C.Planning H.Manufacturing overhead D.DirectingI. Period costs E.Controlling J.Value chain _____              1.The cost of products that are partially complete. _____              2.The function of keeping activities in accordance.
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20 - 1 Job Order Costing Ex. 185 Owens Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $1,500,000 for the year, and machine usage is estimated at 250,000 hours. In January, $164,000 of overhead costs are incurred and 26,000 machine hours are used..
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20 - 1 Job Order Costing Ex. 170 Bonita Company reported the following amounts for 2014: Raw materials purchased$83,000 Beginning raw materials inventory5,900 Ending raw materials inventory4,200 Beginning finished goods inventory7,600 Ending finished goods inventory8,000 Direct labor used24,000 Manufacturing overhead costs applied38,000 Beginning work in process inventory6,100 Ending work in process inventory6,300 Ex. 170(Cont.) Instructions Calculate (a) the cost of materials used in production and.
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19 - 1 Managerial Accounting SHORT-ANSWER ESSAY QUESTIONS S-A E  202 Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist, but they do have different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users,.
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20 - 1 Job Order Costing Ex. 164 Selected accounts of Burns’ Manufacturing Company at year end appear below: RAW MATERIALS INVENTORYWORK IN PROCESS INVENTORY (a)45,000(d)27,000(d)27,000(g)160,000 (e)80,000 (f)105,000 FINISHED GOODS INVENTORYCOST OF GOODS SOLD (g)160,000(h)135,000(h)135,000 FACTORY LABORMANUFACTURING OVERHEAD (b)112,000(e)112,000(c)76,000(f)105,000 (e)32,000 Instructions Explain the probable transaction that took place for each of the items identified by letters in the accounts. For example: (a)Raw materials costing $45,000.
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20 - 1 Job Order Costing 116.Imperial Company had the following information at December 31: Finished goods inventory, January 1$  60,000 Finished goods inventory, December 31170,000 If the cost of goods manufactured during the year amounted to $2,400,000 and annual sales were $2,950,000, the amount of gross profit for the year is a.$446,000. b.$720,000. c.$550,000. d.$660,000. 117.Ashbury Company incurred direct.
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20 - 1 Job Order Costing 86.Torm'e Company applies overhead on the basis of 130% of direct labor cost. Job No. 190 is charged with $140,000 of direct materials costs and $208,000 of manufacturing overhead. The total manufacturing costs for Job No. 190 is a.$348,000. b.$618,000. c.$410,400. d.$508,000. 87.Viking Company manufactures customized desks. The following pertains to.
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20 - 1 Job Order Costing 96.Manufacturing overhead applied is added to direct labor incurred and to what other item to equal total manufacturing costs for the period? a.Goods available for sale. b.Raw materials purchased. c.Work in process. d.Direct materials used. 97.Damone Inc. applies overhead to production at a predetermined rate of 80% based on direct labor.
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20 - 1 Job Order Costing 11.Manufacturing costs are generally incurred in one period and recorded in a subsequent period. 12.The Purchases account is credited for all raw materials purchase returns and allowances. 13.When raw materials are received, there no effort at this point to associate the cost of materials with specific jobs. 14.When raw materials.
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20 - 1 Job Order Costing S-A E  204(Ethics) Comfy Carrier Systems, Inc. (CCS) modifies vans that seat 15–20 people by adding additional safety features or wheelchair ramps. Most of its customers are cities and counties, who use the vans to transport school children, the elderly, or the handicapped. The company has specialized.
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21 - 1 Process Costing TRUE-FALSE STATEMENTS 1.Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature. 2.Process cost systems are used to apply costs to a specific job, such as the manufacturing of a specialized machine. 3.A company that produces motion pictures would likely use a process.
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21 - 1 Process Costing 11. A primary driver of overhead costs in continuous manufacturing operations is machine time used. 12.Equivalent units of production are used to determine the cost per unit of completed products. 13.Equivalent units of production measure the work done during a period, expressed in fully completed units. 14.Equivalent units of production.
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20 - 1 Job Order Costing BRIEF Exercises BE 151 During the first year of operations, Lewis Tool accumulated the following manufacturing costs: Raw materials purchased on account$12,000 Factory labor accrued7,000 Incurred manufacturing overhead on account5,000 Instructions Prepare separate journal entries for each manufacturing cost. BE 152 In January, Toomey, Inc. production supervisor requisitioned raw materials for production as follows:.
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20 - 1 Job Order Costing Ex. 168 Manufacturing cost data for Mikey Company, which uses a job order cost system, are presented below: Case A Case B Direct Materials Used(a)$113,000 Direct Labor$  70,000150,000 Manufacturing Overhead Applied56,000(d) Total Manufacturing Costs218,000(e) Work in Process, 1/1/14(b)46,000 Total Cost of Work in Process300,000(f) Work in Process, 12/31/14(c)43,000 Cost of Goods Manufactured209,000(g) Instructions Indicate the missing amount.
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20 - 1 Job Order Costing 46.In a job order cost accounting system, the Raw Materials Inventory account is a.an expense. b.a control account. c.not used. d.a period cost. 47.When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is a.Finished Goods Inventory Direct Materials Direct Labor Manufacturing.
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20 - 1 Job Order Costing MATCHING 199.Match the items in the two columns below by entering the appropriate code letter in the space provided.               A.Cost accounting              F.              Process cost system               B.Materials requisition slip              G.              Job cost sheets               C.Time ticket              H.              Predetermined overhead rate               D.Cost accounting system              I.              Overapplied overhead               E.Job order cost.
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20 - 1 Job Order Costing 106.During 2012, Alvarez Manufacturing expected Job No. 26 to cost $336,000 of overhead, $400,000 of materials, and $240,000 in labor. Alvarez applied overhead based on direct labor cost. Actual production required an overhead cost of $840,000, $825,000 in materials used, and $330,000 in labor. All of.
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19 - 1 Managerial Accounting Ex. 175 The following information is available for Ness Company. January 1, 20142014December 31, 2014 Raw materials inventory$ 25,000$31,000 Work in process inventory14,50020,200 Finished goods inventory32,00027,000 Materials purchased$175,000 Direct labor230,000 Manufacturing overhead190,000 Sales840,000 Instructions (a)Compute cost of goods manufactured. (b)Prepare an income statement through gross profit. Ex. 176 Manufacturing cost data for Salte Company are presented below. Case ACase BCase C Direct materials.
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20 - 1 Job Order Costing BE 157 The manufacturing operations of Lane, Inc. had the following balances for the month of January: InventoriesJanuary 1January 31 Raw materials$12,000$15,000 Work in process21,00024,000 Finished goods15,00018,000 Lane transferred $275,000 of completed goods out of work in process during January. Instructions Compute the cost of goods sold. BE 158 The following amounts were reported by Inuit.
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21 - 1 Process Costing 31.In continuous process manufacturing, generally once the production begins, it continues until the finished product emerges. 32.One similarity of process cost accounting with job order cost accounting is that both determine total manufacturing costs after each job. 33.The flow of costs in a process costing system requires that materials.
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19 - 1 Managerial Accounting Ex. 177 From the account balances listed below, prepare a schedule of cost of goods manufactured for Eileen Manufacturing Company for the month ended December 31, 2014. Account Balances Finished Goods Inventory, December 31$42,000 Factory Supervisory Salaries14,000 Income Tax Expense18,000 Raw Materials Inventory, December 113,000 Work In Process Inventory, December 3113,000 Sales Salaries Expense14,000 Factory Depreciation.
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20 - 1 Job Order Costing Ex. 173 Belle Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: 1.Direct materials requisitioned during the month: Job 101$22,000 Job 10216,000 Job 103  25,000 $63,000 2.Direct labor incurred and charged to jobs during the month was: Job 101$30,000 Job.
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20 - 1 Job Order Costing 56.Lincoln Manufacturing has the following labor costs: Factory—Gross wages$450,000 Factory—Net wages420,000 Employer Payroll Taxes Payable40,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for a.$450,000. b.$490,000. c.$460,000. d.$420,000. 57.Factory labor costs a.accumulate in advance of utilization. b.accumulate in a control account. c.include sick pay.
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20 - 1 Job Order Costing Ex. 176 Allied Company allocates manufacturing overhead at $8 per direct labor hour. Job A45 required 5 boxes of direct materials at a cost of $35 per box and took employees 16 hours to complete. Employees earn $18 per hour. Instructions Compute the total cost of Job A45. Ex. 177 Job.
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20 - 1 Job Order Costing Exercises Ex. 161 The manufacturing operations of Ganett, Inc. had the following balances for the month of January: January 1January 31 Raw materials$12,000$15,000 Work in process20,00023,000 Finished goods16,00013,000 Ganett transferred $245,000 of completed goods out of work in process during January. Instructions Compute the cost of goods sold for January. Ex. 162 A selected list of accounts.
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20 - 1 Job Order Costing Ex. 187 Medina Manufacturing Company makes specialty tools. In January, Medina incurs manufacturing costs of $12,500,000 for direct materials, direct labor, and overhead. 20% of the total costs represents overhead applied. The overhead rate is $1 for every $2 of direct labor costs incurred. Inventory balances were: January.
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