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The information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
Prepare the journal entry to allocate overapplied or underapplied overhead to Cost of Goods Sold.
Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.
Assuming that the company's $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs.
Vegas Company's ending Goods in Process Inventory account consists of 4,500 units of partially completed product, and its Finished Goods Inventory account .
Friesen applies overhead to jobs at 160% of direct labor cost. Friesen would like to earn at least $80,000 profit on the architectural job.
A recent balance sheet for Porsche AG shows beginning raw materials inventory of €83 million and ending raw materials inventory of €85 million.
Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead.
A general description of the documents that the proposed cost accounting system requires.
Contact a builder and compare your job cost sheet to this builder's job cost sheet. If possible, speak to that company's accountant.
Would a move to a JIT system likely impact Nokia more than it would Palm? Explain.
Anny Brum invested additional cash in the business with a deposit of $15,000 in the business bank account.
What are the three types of inventory on a manufacturing company's balance sheet?
Assume that you tour Apple's factory where it makes its products. List three direct costs and three indirect costs that you are likely to see.
Explain how business activities and inventories for a manufacturing company, a merchandising company, and a service company differ.
List the four components of a manufacturing statement and provide specific examples of each for Apple.
Explain the difference between value-added time and nonvalue-added time.
How does cost of goods sold differ for merchandising versus manufacturing companies?
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs.
Assume that you are the motorcycle manufacturer's managerial accountant. The purchasing manager asks you about preparing an estimate of the related costs.
Given the selected account balances of Randa Company, prepare its manufacturing statement for the year ended on December 31, 2011.
Compute the company's manufacturing cycle efficiency. Interpret your answer.
Prepare a memorandum to your client outlining your planned presentation to her sales staff.
Determine the unit and dollar amounts of raw materials inventory in blades at December 31, 2011.
Assume that Quick Dry Ink wishes to increase its manufacturing cycle efficiency to 0.80. What are some ways that it can accomplish this?