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31) LeBlanc Company has the following balances as of the year ended December 31, 2015. Direct Materials Inventory$15,000              Dr. WIP Inventory34,500              Dr. Finished Goods Inventory49,500              Dr. Cost of Goods Sold74,500              Dr. Additional information is as follows: Cost of direct materials purchased during 2015              $41,000 Cost of direct materials requisitioned in 2015              47,000 Cost of goods completed during 2015             .

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68) Sambell Manufacturing uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs. At the beginning of the year, the company expected to incur the following: Manufacturing overhead costs $240,000 Direct labour cost 600,000 Machine hours 25,000 At the end of the year, the company had actually incurred the following: Direct labour cost $920,000 Depreciation.

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53) Beacon Company does residential real estate appraisals. There are 40 professionals on its staff. Each professional is allotted the following number of hours per year: Budgeted billable time for clients 1,800 hours Budgeted vacation time 180 hours Budgeted professional development 100 hours Budgeted nonbillable time due to lack of demand 0 hours Budgeted sick.

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16) Black Pearl, Inc., sells a single product. The company's most recent income statement is given below. Sales$50,000 Less variable expenses(30,000) Contribution margin20,000 Less fixed expenses(12,500) Net income$ 7,500   Required: a.Contribution margin ratio is________ % b.Breakeven point in total sales dollars is$ ________ c.To achieve $40,000 in net income, sales must total$ ________ d.If sales increase by $50,000,.

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33) Schulz Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $266,400 and budgeted machine-hours were 18,500. Actual factory overhead was $287,920 and actual machine-hours were 19,050. Before disposition of under/overallocated overhead, the following information was available: AccountOverhead BalanceAllocated Direct materials$60,000$nil WIP$190,000$66,500 Finished goods$250,000$75,000 Cost of goods sold$560,000$184,800   Required: a.Determine the budgeted factory overhead rate per.

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  4.1   Describe the building-block concepts of costing systems. 1) Cost assignment includes cost allocation for indirect costs and direct costs. 2) Cost pools are defined as groupings of individual cost items which can range from broad, company-wide categories to very narrow categories. 3) A cost allocation base is only financial in nature, and.

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For each item below indicate the source documents that would most likely authorize the journal entry in a job-costing system. A) materials requisition record B) job-cost record C) sales invoice D) labour time card E) purchase invoice F) labour time card   74) direct materials purchased 75) direct materials used 76) direct manufacturing labour 77) indirect manufacturing labour 78) finished goods control 79).

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Use the information below to answer the following question(s). The following data were taken from the records of Big Sky Ltd., a manufacturing company. The company has been calculating the actual indirect cost allocation rate using direct labour hours as the allocation base. Actual total indirect costs $1,152,000 Budgeted total indirect costs $1,216,000 Actual direct.

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21) Larry's Appliance Shop operates retail stores that sell appliances. The cost objects are the individual sales of a given type of appliance and sales support. For refrigerators in July, the following costs were recorded: Professional sales staff commissions $84,000 Amortization on office space4,000 Selling supplies 6,400 Office staff expenses  24,800 Customer relations 8,600 Training.

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4.3   Describe the approaches to evaluating and implementing job costing systems. 1) Actual costing systems are commonly found in practice because the indirect cost information is readily available. 2) Actual costing allocates indirect costs based on the predetermined indirect-cost rates multiplied by the actual quantities of the cost-allocation bases. 3) In the five-step.

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16) What is the appropriate journal entry if $100,000 of materials were purchased on account for the month of August? A) Materials Control 100,000 Accounts Payable Control 100,000 B) Work-in-Process Control 100,000 Accounts Payable Control 100,000 C) Manufacturing Overhead Control 100,000 Accounts Payable Control 100,000 D) Manufacturing Overhead Allocated 100,000 Accounts Payable Control 100,000 E) Materials Control 100,000 Work-in-Process Control 100,000 17) What is the appropriate journal entry if.

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66) Jordan Company has two departments, X and Y. Overhead is applied based on budgeted direct labour cost in Department X, and budgeted machine hours in Department Y. The following additional information is available. Budgeted AmountsDepartment XDepartment Y Direct labour cost $180,000$165,000 Factory overhead$225,000$180,000 Machine hours51,000 mh40,000 mh Actual data for Job #10Department XDepartment Y Direct.

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26) Correct the following journal entry, and explain your changes. Manufacturing overhead control32,000 Work-in-process-control32,000 To record the cost of machinery repair labour. 27) Job-cost records for Boucher Company contained the following data: Total Cost DateDateDateof Job Job No.StartedFinishedSoldat June 30 220May 18June 12June 20$6,000 221May 20June 19June 214,000 222June 7July 5July 127,000 223June 10June 28July 16,500 224June 19July 16July 258,000 Required: a.Compute WIP.

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35) JamJee Enterprises uses a job costing system. Record the following transactions in JamJee Enterprise's general journal for the current month: a.Purchased raw materials on account, $49,000. b.Requisitioned $25,200 of direct materials and $3,400 of indirect materials for use in production. c.Factory payroll incurred, $54,000; 70% direct labour, 30% indirect labour. d.Recorded depreciation expense.

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