College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 26, Problem 4TF
To determine
Identify whether the given the statement is true or false.
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The following events occurred over the course of a year at Bagby Corp., which uses a job order costing system:
1. Direct materials purchases totaled $583,000. Bagby Corp tracks its direct materials separately from its indirect materials.
Purchases were made on account.
2. $132,000 of indirect materials were used in production. Bagby uses a separate Supplies Inventory account for indirect
materials.
3. $569,000 of direct materials were used in production.
4. The direct labor payroll was $791,000 (credit Wages Payable).
5. Other manufacturing overhead costs incurred during the year totaled $690,000.
6. Bagby applies overhead based on a predetermined overhead rate of $21 per machine hour. The company used 51,000
machine hours during the year.
7. During the year, Bagby transferred goods costing $2,410,000 into the Finished Goods Inventory account.
8. Bagby sold products with a manufacturing cost of $2,398,000 to customers during the year.
finished goods inventory, end
cost of goods sold
sales
Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO.
Chapter 26 Solutions
College Accounting, Chapters 1-27
Ch. 26 - Prob. 1TFCh. 26 - Prob. 2TFCh. 26 - Prob. 3TFCh. 26 - Prob. 4TFCh. 26 - Prob. 5TFCh. 26 - Prob. 1MCCh. 26 - Prob. 2MCCh. 26 - When total anticipated factory overhead is 500,000...Ch. 26 - When direct labor hours for Job 101 are 30 and the...Ch. 26 - Prob. 5MC
Ch. 26 - Prob. 1CECh. 26 - Prob. 2CECh. 26 - Prob. 3CECh. 26 - Prob. 1RQCh. 26 - Prob. 2RQCh. 26 - Prob. 3RQCh. 26 - Prob. 4RQCh. 26 - Prob. 5RQCh. 26 - Prob. 6RQCh. 26 - Prob. 7RQCh. 26 - Prob. 8RQCh. 26 - Prob. 9RQCh. 26 - Prob. 10RQCh. 26 - Prob. 11RQCh. 26 - Prob. 12RQCh. 26 - Prob. 13RQCh. 26 - Prob. 14RQCh. 26 - Prob. 15RQCh. 26 - COST OF GOODS SOLD SECTION The following...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED The...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD...Ch. 26 - JOURNAL ENTRIES FOR FACTORY OVERHEAD Huang Company...Ch. 26 - PREDETERMINED FACTORY OVERHEAD RATE Millerlile...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED AND COST OF...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD...Ch. 26 - JOB ORDER COSTING TRANSACTIONS Stonestreet...Ch. 26 - JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED...Ch. 26 - COST OF GOODS SOLD SECTION The following...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED The...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD...Ch. 26 - JOURNAL ENTRIES FOR FACTORY OVERHEAD Bandy Company...Ch. 26 - PREDETERMINED FACTORY OVERHEAD RATE Marston...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL. LABOR, OVERHEAD, AND...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED AND COST OF...Ch. 26 - Prob. 8SPBCh. 26 - JOB ORDER COSTING TRANSACTIONS D K Enterprises...Ch. 26 - Prob. 10SPBCh. 26 - Prob. 1MYWCh. 26 - Forester Manufacturing Company uses a job order...Ch. 26 - Prob. 1CP
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- For goods in transit at the end of a period, describe how a company determines if the goods should be included in inventory.arrow_forwardThe difference between merchandise available for sale and the end-of-period merchandise inventory is called (a) gross profit. (b) net purchases. (c) net sales. (d) cost of goods sold.arrow_forwardCost of goods available for sale is calculated by adding: A beginning inventory to net purchases and deducting ending inventory. B beginning inventory to the net purchases. © purchases to ending inventory. net purchases and freight-in.arrow_forward
- LIFO Show cost of goods sold and Ending inventoryarrow_forwardThe costs to be accounted for consist of which of the following? costs added during the period costs of the units in ending inventory costs started and transferred during the period costs in the beginning inventory and costs added during the periodarrow_forwardhow much is the inventory write down for the finished goods?arrow_forward
- In a periodic inventory system, the cost of merchandise purchased includes the cost of freight in. True or Falsearrow_forwardFinf the Cost of goods sold and Ending inventory under FIFOarrow_forwardCost of goods available for sale consist of two elements: beginning inventory and ending inventory (TRUE / FALSE)arrow_forward
- The costs to be accounted for consist of which of the following? A. costs added during the period B. costs of the units in ending inventory C. costs started and transferred during the period D. costs in the beginning inventory and costs added during the periodarrow_forwardUnder the retail inventory method, freight-in would be included in the calculation of the goods available for sale for which of the following?arrow_forwardDETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL WORK SHEET: PERIODIC INVENTORY SYSTEM From the following partial work sheet, indicate the dollar amount of beginning and ending merchandise inventory:arrow_forward
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