XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct Ob. Cost of Goods Sold to be overstated by OMR 12,000 for the year. Oc. Work in Process to be understated by OMR 12,000 at year end. Od. Finished Goods to be overstated by OMR 12,000 at the end of the year. e.. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.

XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct Ob. Cost of Goods Sold to be overstated by OMR 12,000 for the year. Oc. Work in Process to be understated by OMR 12,000 at year end. Od. Finished Goods to be overstated by OMR 12,000 at the end of the year. e.. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 18P: Phillips Products, Inc. had a remaining credit balance of $10,000 in its under- and overapplied...

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XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O C. None of the given answer is correct O d. Finished Goods to be overstated by OMR 12,000 at the end of the year. Work in Process to be understated by OMR 12,000 at Oe. year end. étv MacBook Air
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a Cost of Goods Sold to be overstated by OMR 12,000 for the year. b.Finished Goods to be understated by OMR 12,000 at the end of the year. c. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. d. None of the given answer is correct e. Work in Process to be understated by OMR 12,000 at year end.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Finished Goods to be understated by OMR 12,000 at the end of the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O. Cost of Goods Sold to be understated by OMR 12,000 for the year. d. None of the given answer is correct Oe Work in Process to be understated by OMR 12,000 at year end. CLEAR MY CHOICE
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. b. Work in Process to be understated by OMR 12,000 at year end. O c. Finished Goods to be overstated by OMR 12,000 for the year. O d. None of the given answer is correct Finished Goods to be understated by OMR 12,000 at the end of O e. the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Finished Goods to be overstated by OMR 12,000 for the year. O b. Finished Goods to be understated by OMR 12,000 at the end of the year. C. None of the given answer is correct d. Cost of Goods Sold to be overstated by OMR 12,000 for the year. e. Work in Process to be understated by OMR 12,000 at year end.
I do not understand how to do the t accounts for this problem pictured. With the following transaction: Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,070.(b) Requisitioned materials at a cost of $110,800, of which $15,200 was for general factory use.(c) Recorded factory labor of $224,600, of which $42,575 was indirect.(d) Incurred other costs: Selling expense$35,100Factory utilities 23,100Administrative expenses 51,450Factory rent 11,000Factory depreciation 19,200 (e) Applied overhead at a rate equal to 138 percent of direct labor cost.(f) Completed jobs costing $261,750.(g) Sold jobs costing $323,070.(h) Recorded sales revenue of $516,000.
e. 34 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Finished Goods to be understated by OMR 12,000 at the end of the year. Oc Work in Process to be understated by OMR 12.000 at year end. O d. Finished Goods to be overstated by OMR 12,000 for the year. O e. None of the given answer is correct AGE NEXT PAGE
1:59:48 al XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year :end. This error will cause Cost of Goods Sold to be overstated by OMR 12,000 for the year .a Cost of Goods Manufactured to be overstated by OMR 12,000 for b O the year Finished Goods to be overstated by OMR 12,000 at the end of the year None of the given answer is correct d O Work in Process to be understated by OMR 12,000 at year end Le O
Using the information given in the problem (please see pictures) I have to find: 1. What was the amount of inventory in the beginning Finished Goods and beginning Work-in-Process accounts for year 3? 2. What was the final (total) cost charged to job MC-275? O’Leary incurred direct materials costs of $60,600 and used an additional 660 hours in year 3 to complete job MC-275. 3. What was the over- or underapplied overhead for year 3? 4. What is the minimum amount O’Leary can bid on the job and still not incur a loss? A customer has asked O’Leary to bid on a job to be completed in year 4. O’Leary estimates that the job will require about $94,300 in direct materials and 5,180 direct labor-hours. Because of the economy, O’Leary expects demand for its services to be low in year 4, and the CEO wants to bid aggressively, but does not want to lose any money on the project. O’Leary estimates that there would be virtually no sales or administrative costs associated with this job. I have…
XYZ Company uses a job costing system. The direct materials for Job Y were purchased in September and put into production in October. The job was not completed by the end of October. At the end of October, in what account would the direct materials cost assigned to Job Y be located? Select one: O a Work-in-Process Inventory. Ob. None of the given is correct. ON Finished Goods Inventory. Od. Raw Materials Inventory. O e. Cost of Goods Sold.
Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the credit balance in Under-and Overapplied Factory Overhead.
Phillips Products, Inc. had a remaining credit balance of $10,000 in its under- and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Required: Prepare the closing entry for the $10,000 of overapplied overhead, assuming that the balance is not considered to be material. Prepare the closing entry for the $10,000 of overapplied overhead, assuming that the balance is considered to be material.