FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 19, Problem 25E
To determine
Concept introduction:
Over or under-applied
To prepare: The
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Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May.
1.
Assembly line wages
2.
Raw materials used directly in product
3.
Depreciation on office equipment
4.
Property taxes on factory building
5.
Rent on factory building
6.
Sales commissions
7.
Depreciation on factory equipment
8.
Factory utilities
9.
Wages for factory maintenance workers
10.
Advertising
11.
Indirect materials used in production
12.
Factory manager's salary
Complete the following matrix by placing an X markunder the appropriate headings.
Cost
Direct
Direct
Manufacturing
Period
Item
Materials
Labor
Overhead
Costs
1.
2.
Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare thenecessary journal entry.
6-Identify the journal entry for indirect material return to supplier.
a.
Dr.Material inventory, Cr.Accounts payable
b.
Dr.Production overheads, Cr.Work in process inventory
c.
Dr.Material inventory, Cr.Work in process inventory
d.
Dr.Accounts payable, Cr.Material inventory
Chapter 19 Solutions
FUND.ACCT.PRIN.
Ch. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QS
Ch. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Prob. 16QSCh. 19 - Prob. 17QSCh. 19 - Prob. 18QSCh. 19 - Prob. 19QSCh. 19 - Prob. 20QSCh. 19 - Prob. 21QSCh. 19 - Prob. 22QSCh. 19 - Prob. 23QSCh. 19 - Prob. 24QSCh. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Prob. 21ECh. 19 - Prob. 22ECh. 19 - Prob. 23ECh. 19 - Prob. 24ECh. 19 - Prob. 25ECh. 19 - Prob. 26ECh. 19 - Prob. 27ECh. 19 - Prob. 28ECh. 19 - Prob. 29ECh. 19 - Prob. 30ECh. 19 - Prob. 31ECh. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3PSACh. 19 - Prob. 4PSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2PSBCh. 19 - Prob. 3PSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Prob. 15DQCh. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...
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- In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods soldarrow_forwardIn a job order cost system, overhead applied is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods soldarrow_forwardQuestion A6 In a process to calculate full cost for a product or service, what is the correct order of the following steps? A Apportion general overheads between departments Allocate specific departmental overheads to the relevant department Apportion service department costs to production cost centres Total product department overheads B Allocate specific departmental overheads to the relevant department Apportion general overheads between departments Total product department overheads Apportion service department costs to production cost centres C Allocate specific departmental overheads to the relevant department Apportion general overheads between departments Apportion service department costs to production cost centres Total product department overheads D Allocate specific departmental overheads to the relevant department Apportion service department costs to production cost centres Apportion general overheads between departments Total product department overheadsarrow_forward
- Question 6Many firms use two overhead accounts: Factor overhead control and factory overhead applied. During the period,which account receives numerous debits and credits?A. Factor overhead appliedB. Factor overhead controlC. BothD. Neither 7.In cost terminology, conversion costs consist of:A. Indirect labor and variable factory overheadB. Direct labor and factory overheadC. Direct and indirect laborD. Direct labor and direct materials 8.Which of the following items is not included in or not charged to factory overhead?A. Costs of marketing departmentB. Factory depreciation and suppliesC. Costs of service departmentD. Costs of maintenance departmentarrow_forwardSystems Design: Job-Order Costing 201 12. Which of the following statements related to manufacturing overhead is true? Credits to subsidiary manufacturing overhead records occur at the time b- Both debits and credits to subsidiary manufacturing overhead records a. the manufacturing overhead costs are incurred. occur at the time manufacturing overhead costs are incurred. Credits to manufacturing overhead allocated occur as the allocation base is consumed. с. d. Manufacturing overhead costs incurred are dependent upon uhe allocation method used.arrow_forwardIdentify the journal entry for indirect material return to supplier. a. Dr.Material inventory, Cr.Work in process inventory b. Dr.Accounts payable, Cr.Material inventory c. Dr.Production overheads, Cr.Work in process inventory d. Dr.Material inventory, Cr.Accounts payablearrow_forward
- 10. Which of these forms has additional lines for overhead application? a.Work-in-process inventory file b.Time ticket c.Job-order costing sheet d.Materials requisition formarrow_forwardQUESTION 5 Indicate whether each of the following costs incurred by a manufacturer would be considered a Product Cost or a Period Cost. If the cost is identified as a Product Cost, indicate whether it would be considered Direct Material, Direct Labor, or Manufacutring Overhead (MOH). The salary of the accounting manager A. Product - Direct Labor The wages of the assembly workers assembling tables B. Period The production supervisor's salary C. Product - Direct Materials D. Product - MOHarrow_forwardWhich of the following journal entries is used to record fixed overhead costs allocated? O A. Fixed Overhead Allocated Work-in-Process Control C) B. 0 D. Fixed Overhead Allocated Fixed Overhead Control Work-in-Process Control Fixed Overhead Allocated 0 D. Fixed Overhead Control Work-in-Process Controlarrow_forward
- Question 4 Manufacturing overhead includes: O all direct material, direct labor and administrative costs. O all manufacturing costs except direct labor and direct materials. O all manufacturing costs except direct labor. O all selling and administrative costs.arrow_forwardPrepare the company’s schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold.arrow_forwardttempt%3D1347310&cmid%3D701917 ming services SQU Libraries SQU Portal Attendance English (en Which of the following is correct with resnect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? Select one: a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. b. The balance in the Work-in-Process account after allocation will be the same under either method. C. None of given ANSWER is correct. d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. X e. Cost of Goods Sold will be higher if the underapplied. overhead is closed out by allocatinog it to the inventory accounts as well as to Cost of Goods Sold. The corectarrow_forward
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