ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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Chapter 19, Problem 1EYCT
To determine
Introduction: The current assets of a company include all those assets that can be converted into cash within a year. Inventory is a current asset for the company. The inventory includes the raw material, work-in-process, and finished goods inventory.
To calculate: The amount of cost in raw material, work-in-process, and finished goods inventory account.
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You are the cost accountant for Fashions, Inc. On July 31, 2002, a fire destroyed part of your company's office building factory. Inventories were totally destroyed, and many of the accountant records were damaged or destroyed by the fire. You have been given the responsibility for recovering enough cost data to file an insurance claim. You were able to recover the following.
Cost of goods available for sale for July amounted to $395,000, sales totaled $625,000, and gross profit sales was 40%. in addition, raw materials used in July amounted to 175,000. and raw materials purchased totaled $172,500. Direct labor cost for July was $125,000.
Based on past results, you know that manufacturing overhead is 60% of direct labor cost. You are able to retrieve a copy of the June Balance sheet, and it indicates that inventories of June 30 were as follows:
Work in process inventory, $11,000
Finished Goods inventory $18,000
Raw Materials $9,500
You must determine the amount of your…
Solve the given problem: (Show your complete solution)
A mentally deranged employee, Mr. Arson, put a torch to a factory on February 20,
2018. The resulting fire completely destroyed the plant and its contents. Fortunately,
certain accounting records were kept in another building. They revealed the following for
the period December 31, 2017 to February 20, 2018:
Prime cost, P301,000
Gross Profit, P100,000 or 20% of sales
Cost of Goods Available for Sale, P460,000
Direct Materials purchased, P170,000
Work in process, December 31, 2017, P34,000
Direct materials, December 31, 2017, P16,000
Finished Goods, December 31, 2017, P30,000
Factory overhead, 40% of conversion cost
Direct Labor, P180,000
The insurance company wants to know the approximate cost of the inventories as a
basis for negotiating a settlement.
Compute for the following:
1. Direct Materials Inventory, 2/20/2018
2. Work in Process Inventory, 2/20/2018
3. Finished Goods Inventory, 2/20/2018
4. Total Manufacturing Cost
5.…
Muscat Tubes Manufacturing LLC is a manufacturer of television picture tubes. The company must keep various types of materials on hand for the manufacturing process. The store manager is having difficulty keeping track of all the inventory. When compared to last year, the amount of material lost has increased, which is a source of concern for the store manager. He wishes to employ an effective tool for controlling material loss. While exploring, he came across the concept of ABC analysis, which is used by many MNCs around the world. Because he has no background in costing, he is unable to grasp the concept. He asked you to explain the following because you are the company's cost accounting executive:
Working/Application of ABC analysis?
Chapter 19 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
Ch. 19 - Prob. 1QCh. 19 - Prob. 2QCh. 19 - Prob. 3QCh. 19 - Prob. 4QCh. 19 - Prob. 5QCh. 19 - Prob. 6QCh. 19 - Prob. 7QCh. 19 - Prob. 8QCh. 19 - Prob. 9QCh. 19 - Prob. 10Q
Ch. 19 - 12. Identify the differences in the cost of goods...Ch. 19 - Prob. 12QCh. 19 - Prob. 13QCh. 19 - Prob. 14QCh. 19 - Prob. 15QCh. 19 - Prob. 16QCh. 19 - Prob. 17QCh. 19 - 19. Discuss whether the product costing techniques...Ch. 19 - Prob. 19QCh. 19 - Prob. 20QCh. 19 - Prob. 21QCh. 19 - Prob. 22QCh. 19 - Prob. 23QCh. 19 - Prob. 24QCh. 19 - Prob. 25QCh. 19 - Prob. 1BECh. 19 - Prob. 2BECh. 19 - Prob. 3BECh. 19 - Prob. 4BECh. 19 - Prob. 5BECh. 19 - Prob. 6BECh. 19 - Prob. 7BECh. 19 - Prob. 8BECh. 19 - Prob. 9BECh. 19 - Prob. 10BECh. 19 - Prob. 11BECh. 19 - Prob. 1DIECh. 19 - Prob. 2DIECh. 19 - Prob. 3DIECh. 19 - DO IT! 19-4 Match the descriptions that follow...Ch. 19 - Prob. 1ECh. 19 - E19-2 Presented below is a list of costs and...Ch. 19 - E19-3 Trak Corporation incurred the following...Ch. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Prob. 14ECh. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 17ECh. 19 - Prob. 18ECh. 19 - P19-1A Ohno Company specializes in manufacturing a...Ch. 19 - Prob. 2PSACh. 19 - Prob. 3PSACh. 19 - Prob. 4PSACh. 19 - Prob. 5PSACh. 19 - Prob. 1EYCTCh. 19 - Prob. 2EYCTCh. 19 - Prob. 3EYCTCh. 19 - Prob. 4EYCTCh. 19 - Prob. 5EYCTCh. 19 - Prob. 7EYCT
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