*Brief Exercise
|
|
- Gabriel Bailey
- 6 years ago
- Views:
Transcription
1 *Brief Exercise Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations. Direct Materials Used Direct Labor Used Factory Overhead (a) 40,000 61,000 50,000 (b) Total Manufacturing Costs 75, , ,000 (c) 55, , ,000
2 *Brief Exercise Direct Materials Used (a} 40,000 (b) 81,000 (c) 55,000 Direct Labor Used 61,000 75, ,000 Factory Overhead 50, , ,000 Presented below are incomplete manufacturing cost data. Using the above data, determine the missing amounts. Work in Total Manufacturing Work in Process Cost of Goods Process( December Costs (January 1} Manufactured 31} (a} 120,000 82,000 (b) 296,000 98, ,000 (c) 310, , ,000
3 ,.. l -. ' *Exercise 19-9 An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Molina Company. Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured MOLINA COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, ,000 22,500 18,000 36,000 68, , , ,000 81, ,000
4 ... r ---o _.t.r _, o-..._ cr ,.._..,_~......, ~ *Exercise Manufacturing cost data for Copa Company are presented below. Indicate the missing amount for each letter {a) through {i). Case A Case 8 CaseC Direct materials {a) used 68, ,000 Direct labor 57,000 86,000 {g) Manufacturing overhead 46,500 81, ,000 Total manufacturing 195,650 {d) 253,700 costs Work in process 1/1/14 {b) 16,500 {h) Total cost of work in process 221,500 {e) 337,000 Work in process 12/31/14 {c) 11,000 70,000 Cost of goods manufactured 185,275 {f) {i)
5 L-1-I....I._.I.U J \...I. -.&.I. L-1- T _,WIIJ.I..I..I...I.Io.J'Io.J'..I.V..L..LJ.J.U.6""'.1. V.J...1. '\ *Exercise (Part Level Submission) Incomplete manufacturing cost data for Colaw Company for 2014 are presented as follows for four different situations. *(a) Indicate the missing amount for each letter. (2~ fc> 200, , ,000 ~d) 40, ,000 (3) 80, ,000 I ~ ) 255,000 60,000 80,000 I ~f} (4) 70,000 ~g) 75, ,000 45,000 ~h) 270,000 *(b)
6 *Exercise (Part Level Submission) The following information is available for Aikman Company. January 1, December 31, 2014 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue 21,000 13,500 27, , , , ,000 30,000 17,200 21,000 *(a) Compute cost of goods manufactured. Cost of goods manufactured ~...-.~ *(b) *(c)
7 *Exercise (Part Level Submission) An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, Inventories Beginning Ending Raw materials 9,000 13,100 Work in process 5,000 7,000 Finished goods 9,000 8,000 Costs incurred: raw materials purchases 54,000, direct labor 47,000, manufacturing overhead 19,900. The specific overhead costs were: indirect labor 5,500, factory insurance 4,000, machinery depreciation 4,000, machinery repairs 1,800, factory utilities 3,100, miscellaneous factory costs 1,500. Assume that all raw materials used were direct materials. *(a) Prepare the cost of goods manufactured schedule for the month ended June 30, ROBERTS COMPANY Cost of Goods Manufactured Schedule For the Month Ended June 30, 2014
8 *(b)
9 LIST OF ACCOUNTS FOR EXERCISE 20-7 AND Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Insurance Prepaid Property Taxes Property Taxes Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Supplies Utilities Payable Work in Process Inventory DROPDOWNS FOR EXERCISE 20-9 (PART LEVEL SUBMISSION) Cost of Goods Manufactured Direct Labor Direct Materials Used Manufacturing Overhead Applied Total Cost of Work in Process Total Manufacturing Costs Work in Process, May 1 Work in Process, May 31 SMALL DROPDOWN Add Less
10 -. *Exercise 20-7 Torre Corporation incurred the following transactions. 1. Purchased raw materials on account 46, Raw Materials of 36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that 6,800 was classified as indirect materials. 3. Factory labor costs incurred were 55,900, of which 51,000 pertained to factory" wages payable and 4,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that 50,000 was direct labor and 5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were 80, Depreciation on the company's office building was 8, Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing 88,000 were completed and transferred to finished goods. 9. Finished goods (a) costing 75,000 to manufacture were (b) sold on account for 103,000. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1.,.II..., 2. 3.,.I ~ ,1 ~.-1. ' ~~~ ' 5....,1 ~
11 a. I... 9(a).. ~1~1 ----~ 9(b) I... ~---~1~1 ----~
12 *Exercise 20-9 (Part Level Submission) At May 31, 2014, the accounts of Mantle Company show the following. 1. May 1 inventories-finished goods 12,600, work in process 14,700, and raw materials 8, May 31 inventories-finished goods 9,500, work in process 48,000, and raw materials 7,100. Debit postings to work in process were: direct materials 62,400, direct labor 50,000, and 3 manufacturing overhead applied 40, Sales revenue totaled 210,000. *(a) Prepare a condensed cost of goods manufactured schedule. MANTLE COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2014 ' ' *(b) *(c)
13 *Exercise (Part Level Submission) Pure Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year. Estimated overhead Actual overhead Estimated decorator hours Actual decorator hours 920, ,800 40,000 40,500 The company uses Operating Overhead in place of Manufacturing Overhead. *(a) Compute the predetermined overhead rate. Predetermined overhead rate,, per decorator hour *(b) *(c)
Exercise E21-1 page 886. (a) Factory Labor 103,000 Factory Wages Payable 90,000 Employer Payroll Taxes Payable 9,000
Exercise E21-1 page 886 (a) Factory Labor 103,000 Factory Wages Payable 90,000 Employer Payroll Taxes Payable 9,000 Employer Fringe Benefits Payable 4,000 (b) Work in Process Inventory 87,550 Manufacturing
More informationJOB ORDER COSTING. LO 1: Cost Systems. Determine whether job order costing or process costing would be more appropriate for each industry.
JOB ORDER COSTING Terms Cost Accounting Process Cost System Job Order Cost System LO 1: Cost Systems Job-Order Costing Used for custom or unique items Each job is accounted for separately Measures cost
More information1. Cost accounting involves the measuring, recording, and reporting of: A. product costs. B. future costs. C. manufacturing processes.
1. Cost accounting involves the measuring, recording, and reporting of: A. product costs. B. future costs. C. manufacturing processes. D. managerial accounting decisions. 2. In accumulating raw materials
More informationAGENDA: JOB-ORDER COSTING
TM 3-1 AGENDA: JOB-ORDER COSTING A. The documents in a job-order costing system. 1. Materials requisition form. 2. Direct labor time ticket. 3. Job cost sheet. B. Applying overhead using a predetermined
More informationCOMPREHENSIVE EXAMINATION A
COMPREHENSIVE EXAMINATION A (Chapters 1-4) Approximate Problem Topic Points Minutes A - I Multiple Choice... 20 20 A - II Cost of Goods Manufactured and Sold... 20 15 A - III Job Order Cost Accounting...
More informationrate is used to apply overhead costs to products. Our purpose in this section is to provide a detailed example of cost flows in an ABC system.
Appendix 6A Cost Flows in an -Based Costing System 6A-1 Cost Flows in an -Based Costing System In Chapter 4, we discussed the flow of costs in a job-order costing system. The flow of costs through raw
More informationCHAPTER 20 JOB ORDER COST ACCOUNTING SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. True-False Statements
CHAPTER 20 JOB ORDER COST ACCOUNTING SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 8. 2 K 15. 2 K 22.
More informationChapter 2. Job Order Costing and Analysis QUESTIONS
Chapter 2 Job Order Costing and Analysis QUESTIONS 1. Factory overhead is not identified with specific units (jobs) or batches (job lots). Therefore, to assign costs, estimates of the relation between
More informationChapter 17 Job Order Costing Study Guide Solutions Fill-in-the-Blank Equations. Exercises. 1. Estimated activity base. 2. Underapplied. 3.
Chapter 17 Job Order Costing Study Guide Solutions Fill-in-the-Blank Equations 1. Estimated activity base 2. Underapplied 3. Overapplied Exercises 1. An automobile manufacturer produces various lines of
More informationCHAPTER 2. Job Order Costing 1, 2, 3, 4 5, 6, 7, 8 1, 2, 3, 4
CHAPTER 2 Job Order Costing ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Explain the characteristics and purposes of cost accounting.
More informationChapter 20: Job Order Costing
Chapter 20: Job Order Costing DO IT! 1 Accumulating Manufacturing Costs During the current month, Ringling Company incurs the following manufacturing costs: (a) Raw material purchases of $4,200 on account.
More informationSales salaries. Factory repairs. Advertising Office supplies used $ $
E19-4, Determine the total amount of various types of costs. Drew Company reports the following costs and expenses in May. Factory utilities $11.500 $69.100 Depreciation on factory equipment Depreciation
More informationChapter 2. Job Order Costing and Analysis QUESTIONS
Chapter 2 Job Order Costing and Analysis QUESTIONS 1. Factory overhead is not identified with specific units (jobs) or batches (job lots). Therefore, to assign costs, estimates of the relation between
More informationJOB COSTING AND OVERHEAD
JOB COSTING AND OVERHEAD Key Topics to Know Differences and similarities between job order and process costing Key document is the Job Cost Sheet Flow of product costs through inventory accounts to cost
More informationFINANCIAL STATEMENTS
FINANCIAL STATEMENTS Key Topics to Know Cost of good sold statement is prepared from the finished goods inventory account. Cost of goods sold statement has the same format as in financial accounting. Cost
More informationCHAPTER 2. Job Order Costing. Brief A B Study Objectives Questions Exercises Do It! Exercises Problems Problems
CHAPTER 2 Job Order Costing ASSIGNMENT CLASSIFICATION TABLE Brief A B Study Objectives Questions Exercises Do It! Exercises Problems Problems 1. Explain the characteristics 1, 2, 3, 4 and purposes of cost
More informationCHAPTER 2. Job Order Costing 1, 2, 3, 4 5, 6, 7, 8 1, 2, 3, 4
CHAPTER 2 Job Order Costing ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Explain the characteristics and purposes of cost accounting.
More informationFull file at CHAPTER 2
CHAPTER 2 Job Order Costing ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems 1. Describe cost systems and the flow of costs in a job order system.
More informationQUESTIONS. any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Chapter 2 Job Order Costing and Analysis QUESTIONS 1. Factory overhead is not identified with specific units (jobs) or batches (job lots). Therefore, to assign costs, estimates of the relation between
More informationFull file at QUESTIONS
Chapter 2 Job Order Costing and Analysis QUESTIONS 1. Factory overhead is not identified with specific units (jobs) or batches (job lots). Therefore, to assign costs, estimates of the relation between
More informationFull file at Job Order Costing and Analysis QUESTIONS
Chapter 2 Job Order Costing and Analysis QUESTIONS 1. Factory overhead is not identified with specific units (jobs) or batches (job lots). Therefore, to assign costs, estimates of the relation between
More informationPROBLEM 2-1B. 11 Salaries and Wages Expense... 1,500 Cash... 1,500 (Paid salaries)
PROBLEM 2-1B J1 Date Account Titles and Explanation Ref. Debit Credit Apr. 1 Cash... 35,000 Owner s Capital... 35,000 (Owner s investment of cash in business) 4 Land... 27,000 Cash... 27,000 (Purchased
More informationFull file at https://fratstock.eu CHAPTER 2
CHAPTER 2 LEARNING OBJECTIVES 1. DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS. 2. INDICATE HOW A JOURNAL IS USED IN THE RECORDING PROCESS. 3. EXPLAIN HOW A LEDGER
More informationCost Systems. Terms Cost Accounting Process Cost System Job Order Cost System
Terms Cost Accounting Process Cost System Job Order Cost System Cost Systems Job-Order Costing Used for custom or unique items Each job is accounted for separately Measures cost based on completed job
More informationCOST OF GOODS MANUFACTURES B.COM. PART II
COST OF GOODS MANUFACTURES B.COM. PART II Q#1 Following are the balances appear on the Trial Balance of SAMREEN & Co. for the year ended April 30, 1980. Inventory of Goods in Process April, 01 Rs.109,000
More informationFull file at
Chapter 02 Job Order Costing and Analysis True / False Questions 1. A manufacturing company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Goods
More informationFull file at
Chapter 2 Job Order Costing ANSWERS TO QUESTIONS 1. The difference between job order costing and process costing relates to the type of product or service the company provides, and whether that product
More informationManagerial Accounting 10th Edition by Crosson and Needles Solutions Manual
Managerial Accounting 10th Edition by Crosson and Needles Solutions Manual Discussion Questions DQ1. DQ2. DQ3. The accounting concept of cost measurement focuses on determining the amount of the cost.
More informationACCT Professor Johnson Lecture Notes Chapter 16: PROCESS COSTING AND ANALYSIS
PROCESS OPERATIONS ACCT 102 - Professor Johnson Lecture Notes Chapter 16: PROCESS COSTING AND ANALYSIS In Chapter 15, we studied the job order cost accounting system used when a company manufactures products
More informationManagement s Accountability to Stakeholders Stakeholders Provide Management is accountable for: Owners Operating activities Government Creditors
Chapter 15 Distinguish management accounting from financial accounting Management Management s Accountability to Stakeholders Stakeholders Owners Government Provide Management is accountable for: Operating
More informationB.COM II COST ACCOUNTING
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit 2014 B.COM II COST
More informationChapter 3 Systems Design: Job-Order Costing
Chapter 3 Systems Design: Job-Order Costing Solutions to Questions 3-1 By definition, manufacturing overhead consists of costs that cannot be practically traced to products or jobs. Therefore, if these
More informationAn accounting perspective: Business insight
An accounting perspective: Business insight Engineers for automobile companies in the United States believe that Japanese manufacturers can build cars for considerably less than their US counterparts.
More information1. F; I 2. V ; D 3. V ; D 4. F; I 5. F; I 6. F; I 7. V ; D 8. F; I 9. F; I 10. V ; D 11. F; I 12. F; I 13. F; I 14. F; I
SOLUTIONS TO EERCISES EERCISE 2-1 (15 minutes) 1. F; I 2. V ; D 3. V ; D 4. F; I 5. F; I 6. F; I 7. V ; D 8. F; I 9. F; I 10. V ; D 11. F; I 12. F; I 13. F; I 14. F; I EERCISE 2-2 (15 minutes) 1. Product
More informationPROCESS COSTING FIRST-IN FIRST-OUT METHOD
PROCESS COSTING FIRST-IN FIRST-OUT METHOD Key Terms and Concepts to Know Differences between Job-Order Costing and Processing Costing Process costing is used when a single product is made on a continuous
More informationCHAPTER 16 Solutions COSTING SYSTEMS: JOB ORDER COSTING
Managerial Accounting 10th Edition Crosson Solutions Manual Full Download: http://testbanklive.com/download/managerial-accounting-10th-edition-crosson-solutions-manual/ CHAPTER 16 Solutions COSTING SYSTEMS:
More informationMANAGERIAL ACCOUNTING SPRING 2014 MIDTERM EXAM. PROBLEM 1 Kennedy Company reports the following costs and expenses in May.
PROBLEM 1 Kennedy Company reports the following costs and expenses in May. Factory utilities $ 13,500 Direct labor $79,100 Depreciation on factory Sales salaries 48,400 equipment 12,650 Property taxes
More information3. Which is not an inventory account manufacturing companies have: a) Raw Materials b) Manufacturing Overhead c) Work in Process d) Finished Goods
Chapter 1 Question Review 1. Which of the following is not a characteristic of managerial accounting: a) Emphasizes decisions affecting the future b) Mandatory for external reports c) Need not follow GAAP
More informationREVISION: MANUFACTURING 12 SEPTEMBER 2013
REVISION: MANUFACTURING 12 SEPTEMBER 2013 Lesson Description In this lesson we: Revise ledger accounts and the production cost statement Key Concepts Ledger Accounts for Manufacturing Differences between
More informationChapter 4. Systems Design: Process Costing. Types of Costing Systems Used to Determine Product Costs. Job-order Costing.
4-1 Chapter 4 Systems Design: Process Costing Types of Costing Systems Used to Determine Product Costs Process Costing Job-order Costing F Many units of a single, homogeneous product flow evenly through
More informationChapter 02 - Cost Concepts and Cost Allocation
Chapter 02 - Cost Concepts and Cost Allocation Student: 1. Product costs for a manufacturing company consist of direct materials, direct labor, and overhead. 2. Period cost and product cost are synonymous
More informationChapter 02 - Cost Concepts and Cost Allocation
Chapter 02 - Cost Concepts and Cost Allocation Student: 1. Product costs for a manufacturing company consist of direct materials, direct labor, and overhead. 2. Period cost and product cost are synonymous
More information- Product costing Systems are used to compute the product cost per unit. - Product cost per unit is needed for a variety of purpose:
Introduction: - Product costing Systems are used to compute the product cost per unit. - Product cost per unit is needed for a variety of purpose: o In financial accounting; Used to value inventory and
More informationChapter 2: Costing Systems: Job Order Costing
Chapter 2: Costing Systems: Job Order Costing Student: 1. A job order costing system measures costs of each processes using an inventory account for each. 2. The computations for costs to be transferred
More informationHUM 211: Financial & Managerial Accounting
Chapter 20 HUM 211: Financial & Managerial Accounting Lecture 08: Managerial Accounting (Concepts & Principles) Masud Jahan Department of Science and Humanities Military Institute of Science and Technology
More informationA325 Exam 1 review Spring, 2010
A325 Exam 1 review Spring, 2010 The exam is seven problems (each with subsidiary questions) and you have ONE HOUR AND FIFTEEN minutes (1:15) to complete it. You are permitted to bring one page of notes
More informationChapter 2--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows
Chapter 2--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows Student: 1. Which of the following types of organizations is most likely to have a raw materials inventory account?
More informationChapter 2--Cost Terminology and Cost Behaviors
Chapter 2--Cost Terminology and Cost Behaviors Student: 1. A cost object is anything for which management wants to collect or accumulate costs. 2. A production plant could be a cost object. 3. A specific
More informationMULTIPLE-CHOICE QUESTIONS
MULTIPLE-CHOICE QUESTIONS 5-1. d 5-2. c 5-3. a 5-4. b 5-5. b 5-6. a 5-7. a 5-8. e 5-9. a 5-10. b 5-11. c 5-12. e 5-13. d Direct materials $ 17,500 Direct labor 10,000 Applied overhead ($5 500 DLH) 2,500
More informationMANAGERIAL ACCOUNTING (135) Post-secondary
Page 1 of 10 Contestant Number: Time: Rank: MANAGERIAL ACCOUNTING (135) Post-secondary REGIONAL 2016 Multiple Choice & Short Answer Section: Multiple Choice (20 @ 2 points each) Matching (50 @ 1 point
More informationChapter 3--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows
Chapter 3--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows Student: 1. Which of the following types of organizations is most likely to have a raw materials inventory account?
More informationFull file at
Chapter 02--Job Order Costing Student: 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. 2. A manufacturer may employ a job
More informationThe following are all product costs except: a. Direct materials b. Factory overhead c. Direct labor d. Sales and administrative expenses
1 MULTIPLE CHOICE 1-2 I certify that I am taking this assessment alone and that I am receiving no help with it except through the use of my textbook and notes. I have not been given the questions in advance.
More informationChapter 2--Cost Terminology and Cost Behaviors
Cost Accounting Foundations and Evolutions 9th Edition Kinney Test Bank Full Download: http://testbanklive.com/download/cost-accounting-foundations-and-evolutions-9th-edition-kinney-test-bank/ Chapter
More informationChapter 2--Job Order Costing
Chapter 2--Job Order Costing Student: 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. 2. A manufacturer may employ a job
More informationWork4Me Managerial Accounting Simulations. Problem Two
Work4Me Managerial Accounting Simulations 1 st Web-Based Edition Problem Two Job-Order Costing Elmwood Manufacturing, Incorporated Page 1 INTRODUCTION Elmwood Manufacturing, Incorporated operates in a
More informationMANAGEMENT 9 ACCOUNTING
9-1 9-2 Chapter MANAGEMENT 9 ACCOUNTING A BUSINESS PARTNER To explain the three principles guiding the design of management accounting systems. LO1 Management Accounting: Basic Framework 9-3 Management
More informationChapter 2--Cost Terminology and Cost Behaviors
Test Bank For Cost Accounting Foundations and Evolutions 9th Edition by Kinney and Raiborn Link full download: http://testbankcollection.com/download/test-bank-for-cost-accounting-foundationsand-evolutions-9th-edition-by-kinney/
More informationB.COM 2 PRIVATE COST ACCOUNTING. B.com-2 PRIVATE Annual Examination COMPILED & SOLVED BY: Jahangeer Khan
B.COM 2 PRIVATE COST ACCOUNTING B.com-2 PRIVATE Annual Examination 20 COMPILED & SOLVED BY: Jahangeer Khan 20 Q.1: MANUFACTURING CONCERN: Consider the following information taken from the books of SAHAB
More information6. Refer to the Michael's Manufacturing, Inc. information above. Raw materials used for July is:
Review II NUMBER 1. Which of the following is a characteristic of managerial accounting? a. It is used primarily by external users. b. It often lacks flexibility. c. It is often future-oriented. d. The
More informationMANAGERIAL ACCOUNTING (135) Post-secondary
Page 1 of 9 MANAGERIAL ACCOUNTING (135) Post-secondary REGIONAL 2017 Multiple Choice & Short Answer Section: Multiple Choice (20 @ 2 points each) Short Answers (11 @ 4 points each) (40 points) (44 points)
More informationANIL SHARMA S CLASSES
ANIL SHARMA S CLASSES {Marks: 100} (COSTING PAPER-FULL) {Time: 3 Hours} ----------------------------------------------------------------------------------------------------- Q-1: What is meant by cost
More informationCOST SHEET. Samir K Mahajan
COST SHEET Samir K Mahajan COMPONENTS OF TOTAL COST Prime cost: It is the aggregate of direct material cost, direct labour cost and direct expenses. Prime cost or Direct cost = Direct materials + Direct
More informationChapter 2--Cost Terminology and Cost Behaviors
Chapter 2--Cost Terminology and Cost Behaviors TRUE/FALSE 1. A cost object is anything for which management wants to collect or accumulate costs. ANS: T PTS: 1 DIF: Easy OBJ: 2-1 2. A production plant
More informationAkuntansi Biaya. Modul ke: 09FEB. Direct Material Cost. Fakultas. Diah Iskandar SE., M.Si dan Nurul Hidayah,SE,Ak,MSi. Program Studi Akuntansi
Modul ke: Akuntansi Biaya Direct Material Cost Fakultas 09FEB Diah Iskandar SE., M.Si dan Nurul Hidayah,SE,Ak,MSi Program Studi Akuntansi Effective Cost Control Specific assignment of duties and responsibilities.
More informationSolution Manual for Introduction to Managerial Accounting 7th Edition by Brewer Garison and Noreen
Solution Manual for Introduction to Managerial Accounting 7th Edition by Brewer Garison and Noreen Link download: https://digitalcontentmarket.org/download/solution-manual-for-introduction-tomanagerial-accounting-7th-edition-by-brewer-garison-and-noreen/
More informationUsing Data Analytics in Audits
Using Data Analytics in Audits Data Analytics is the process of inspecting, cleansing, transforming and modelling raw data with the purpose of discovering useful information, drawing conclusions and supporting
More informationInventories. Raw material 61,000 81,000 Work in process 80,000 30,000 Finished goods 90, ,000
Beginning Inventories Ending Raw material 61,000 81,000 Work in process 80,000 30,000 Finished goods 90,000 110,000 Direct material used 318,000 Direct Labour 230,000 Manufecturing Overhead-60% of Direct
More informationCOST OF GOODS MANUFACTURED & SOLD STATEMENT
COST OF GOODS MANUFACTURED & SOLD STATEMENT In order to understand the financial and cost statement of a concern we should clear about the procedure adopted by trading concern and manufacturing concern
More informationCHAPTER 17 (FIN MAN); CHAPTER 2 (MAN) JOB ORDER COST SYSTEMS
CHAPTER 17 (FIN MAN); CHAPTER 2 (MAN) JOB ORDER COST SYSTEMS Number Objective Description Difficulty Time AACSB IMA SS GL EO17(2)-1 17-1 Easy 5 min Analytic Cost Management EO17(2)-2 17-1 Easy 5 min Analytic
More informationUNIT 2 : FINAL ACCOUNTS OF MANUFACTURING ENTITIES
7.63 UNIT 2 : FINAL ACCOUNTS OF MANUFACTURING ENTITIES LEARNING OUTCOMES After studying this unit, you will be able to: Understand the purpose of preparing Manufacturing Account. Learn the items to be
More informationACCT 102 GROUP PROJECT INSTRUCTIONS
ACCT 102 GROUP PROJECT INSTRUCTIONS In the business world you will be required to communicate and coordinate projects and results with coworkers and supervisors, therefore, it is up to the group to decide
More informationJob-Order Costing for Manufacturing and Service Companies
CHAPTER 2 Job-Order Costing for Manufacturing and Service Companies Summary of Questions by Objectives and Bloom s Taxonomy Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements
More informationCOST ACCOUNTING b.com part II Regular & Private (SUPPLEMENTARY) Solved Paper. Compiled & Solved by: Sameer Hussain
COST ACCOUNTING b.com part II 2014 Regular & Private (SUPPLEMENTARY) Solved Paper Compiled & Solved by: Sameer Hussain Instructions: (1) Attempt any FIVE questions. (2) All questions carry equal marks.
More informationWork4Me Managerial Accounting Simulations. Problem Nine
Work4Me Managerial Accounting Simulations 1 st Web-Based Edition Problem Nine Flexible Budgeting and Overhead South Yuba Milling Company Page 1 INTRODUCTION You will enter transactions involving (1) the
More informationInventory Cost Accounting Tips and Tricks. Nick Bergamo, Senior Manager Linda Pei, Senior Manager
1 Inventory Cost Accounting Tips and Tricks Nick Bergamo, Senior Manager Linda Pei, Senior Manager 2 Disclaimer The material appearing in this presentation is for informational purposes only and is not
More informationManufacturing. Manufacturing Game : Participant s Guide Léger et al. (2012) ERPsim Lab, HEC Montréal.
Manufacturing 1 CHAPTER 3 FINANCIAL BUSINESS PROCESSES This chapter explains various business processes required to run your organization in SAP. There are two types of business processes you will perform
More informationCycle of costing accounting
Cycle of costing accounting IDENTIFY THE PRODUCT PRDUCT SPECIFICATION I DENTIFICATION Resources used in producing the product Cost valuation Materials cost s Labor cost s Over head cost s Costs classification
More informationChapter 3. Accounting for Labor
Chapter 3 Accounting for Labor Learning Objectives LO1 Distinguish between features of hourly rate and piece-rate plans. LO2 Specify procedures for controlling labor costs. LO3 Account for labor costs
More informationProblem Exercise 3-12
Exercise 3-12 1. The overhead applied to Ms. Miyami s account would be computed as follows: 2002 2001 Estimated overhead cost (a)... $144,000 $144,000 Estimated professional staff hours (b)... 2,250 2,400
More informationEXERCISE E2-3 EXERCISE E2-2 pages 81
EXERCISE E2-3 EXERCISE E2-2 pages 81 # (b) Account Debit Credit (a) Type (c) Effect (d) Normal 1/2 Cash 10,000 Asset Increase Debit M. Anderson, Capital 10,000 Capital Increase Credit 3 Equipment 4,000
More informationCost Accounting. Multiple Choice Questions:
Multiple Choice Questions: 1- The Value Chain a- Involves external companies as well as internal activities. b- Is the sequence of business functions in which customer usefulness is added to products or
More informationCHAPTER 2. Job-Order Costing for Manufacturing and Service Companies. Summary of Questions by Objectives and Bloom s Taxonomy
CHAPTER 2 Job-Order Costing for Manufacturing and Service Companies Summary of Questions by Objectives and Bloom s Taxonomy Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements
More informationCOST C O S T COST 1/12/2011
Chapter 3 COST CONCEPT AND DESIGN ECONOMICS C O S T Ir. Haery Sihombing/IP Pensyarah Fakulti Kejuruteraan Pembuatan Universiti Teknologi Malaysia Melaka COST Cost is not a simple concept. It is important
More informationSECTION III. ACCOUNTING GUIDELINES AND DOCUMENTS
SECTION III. ACCOUNTING GUIDELINES AND DOCUMENTS A. ACCOUNTING GUIDELINES AND DOCUMENTS APPROVED BY THE MINISTRY OF FINANCE For the purpose of implementing the accounting standards based on IAS, the Ministry
More informationCOST SHEET. Samir K Mahajan
COST SHEET Samir K Mahajan COMPONENTS OF TOTAL COST Prime cost or Direct cost : It is the aggregate of direct material cost, direct labour cost and direct expenses. i.e. Prime cost or Direct cost = Direct
More informationCHAPTER 5. Accounting for Merchandising Operations 2, 3, , 12, 13, 14
CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems *1. Identify the differences between
More informationAn Introduction to Cost Terms and Purposes
CHAPTER 2 An Introduction to Cost Terms and Purposes Overview This chapter introduces the basic terminology of cost accounting. Communication among managers and management accountants is greatly facilitated
More informationSection A: Summary Content Notes
COST ACCOUNTING 30 JULY 2015 Section A: Summary Content Notes MANUFACTURING ACCOUNTS: NEW LEDGER ACCOUNTS New Ledger Accounts pertaining to manufacturing concerns are divided into the following categories:
More informationACG 2071 Managerial Accounting Spring 2018 Exam #4 Sample Review Problems
Page 1 ACG 2071 Managerial Accounting Spring 2018 Exam #4 Sample Review Problems This is an independent effort. Do your own work! The ACE tutors and the SI may not assist you on this sample exam prior
More informationFull file at
Full file at https://fratstock.eu Chapter 2 Job-Order Costing and Modern Manufacturing Practices QUESTIONS 1. Manufacturers need product costing systems in order to measure and record the cost of manufactured
More informationGatsby s Accounting System and Policies Designed by Regina Rexrode Copyright - Armond Dalton
Gatsby s Accounting System and Policies a Images used on the front cover and throughout this book were obtained under license from Shutterstock.com 2017, by Armond Dalton Publishers, Inc. All rights reserved.
More informationCOST ACCOUNTING SYSTEMS
19-2 C 1 COST ACCOUNTING SYSTEMS Process Costing Job Costing Chapter 20 Used for production of large, unique, or high-cost items. Built to order rather than mass produced. Many costs can be directly traced
More informationa. Factory supplies used in the Morganton, North Carolina, engine parts plant:
Name Chapter 18 691 EXERCISE 18-1 a. Controls for flight deck: b. Aircraft engines: c. Depreciation of welding equipment: d. Welding machinery lubricants: e. Salary of test pilot: f. Steel used in landing
More informationFull file at https://fratstock.eu
CHAPTER 2 QUESTIONS 1. The two major objectives of materials control are (1) physical control or safeguarding the materials and (2) control of the investment in materials. 2. The controls established for
More informationWork4Me Managerial Accounting Simulations. Problem Four
Work4Me Managerial Accounting Simulations 1 st Web-Based Edition Problem Four Process Costing Patterson Tooling Company Page 1 INTRODUCTION Patterson Tooling Company manufactures a single product. The
More informationChapter 2 Cost Classification & Cost Behaviour. Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing)
Chapter 2 Cost Classification & Cost Behaviour Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) Total Cost / Service Costs The total cost of making a product or
More information1. The cost of an item is the sacrifice of resources made to acquire it. 2. An expense is a cost charged against revenue in an accounting period.
Chapter 02 Cost Concepts and Behavior True / False Questions 1. The cost of an item is the sacrifice of resources made to acquire it. True False 2. An expense is a cost charged against revenue in an accounting
More information