Chapter 20 Homework

Chapter 20 Homework - (5min.)S201 a. b. c. d. e.

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
(5 min.) S 20-1 a. A manufacturer of plywood would use process costing . b. A manufacturer of wakeboards would use process costing . c. A manufacturer of luxury yachts would use job costing . d. A professional services firm would use job costing . e. A landscape garden contractor would use job costing . f. (15 min.) E 20-2 1. Work in Process Inventory 2. F inished Goods Inventory 3. Cost of Goods Sold Job Cost Job Cost Job Cost 3................... $6,400 4.............. $ 4,000 1............. $ 3,800 6................... 2,000 5.............. 7,120 2............. 13,000 Total. ............ $8,400 Total. ....... $11,120 Total. ...... $16,800 Chapter 20 Job Costing 11
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
(20-25 min.) E 20-3 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT a. Web Site Expense 3,400 Cash 3,400 b. Manufacturing Wages 16,000 Cash 16,000 c. Materials Inventory 14,750 Accounts Payable 14,750 d. Work in Process Inventory 7,000 Manufacturing Overhead 3,000 Materials Inventory 10,000 e. Work in Process Inventory ($15,000 × 0.70) 10,500 Manufacturing Overhead ($15,000 × 0.30) 4,500 Manufacturing Wages 15,000 f. Manufacturing Overhead 18,900 Accum. Depreciation—Plant 13,000 Prepaid Insurance 1,700 Property Tax Payable 4,200 g. Work in Process Inventory ($10,500 × 2.0) 21,000 Manufacturing Overhead 21,000 h. Finished Goods Inventory 33,000 Work in Process Inventory 33,000 i. Accounts Receivable 23,000 Sales Revenue 23,000 Cost of Goods Sold 11,000 Finished Goods Inventory 11,000 Chapter 20 Job Costing 12
Background image of page 2
(15-20 min.) E 20-5 Work in process at September 30 = $11,000: Work in Process Inventory September 1 Bal. 16,000 Job B-78 completed 41,000 Direct materials used 29,000 Job G-65 completed 37,000 Direct labor assigned to jobs 32,000 Manufacturing overhead allocated to jobs 12,000 September 30 Bal. 11,000 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Finished Goods Inventory ($41,000 + $37,000) 78,000 Work in Process Inventory 78,000 To record production completed in September. Accounts Receivable 45,000 Sales Revenue 45,000 To record credit sale of Job G-65. Cost of Goods Sold 37,000 Finished Goods Inventory 37,000 To record cost of Job G-65. The gross profit on Job G-65 is: Sales revenue. ............. …. $45,000 Cost of goods sold. ......... 37,000 Gross profit. ............ ……. . $ 8,000 Chapter 20 Job Costing 13
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
nonmanufacturing costs: R&D, design, marketing, distribution, and customer service, and other costs such as interest expense and income taxes. Chapter 20
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 19

Chapter 20 Homework - (5min.)S201 a. b. c. d. e.

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online