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3/8/ · Horngren’s Financial and Managerial Accounting, The Financial Chapters 6th edition (global) by Tracie L. Miller-Nobles, Brenda L. Mattison and Ella Mae Matsumura present the core content and principles of accounting in a fresh format designed to help today’s students succeed. As teachers first, the author team knows the importance of delivering a reader experience free of blogger.com: Brenda L. Mattison 2/6/ · Horngrenâ€&#x;s Financial & Managerial Accounting The Managerial Chapters 5th Edition SOLUTIONS MANUAL Miller-Nobles Mattison Matsumura Full download at: blogger.com Horngren's Financial & Managerial Accounting, 5th Edition. Personalize learning with MyAccountingLab ®. MyAccountingLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results
Horngrens financial & managerial accounting 5th edition pdf download
Chapter 17 Job Order Costing Review Questions 1. If the manager knows the cost to produce each unit of product, then the manager can plan and control the cost of resources needed to create the product and deliver it to the customer.
It enables them to set selling prices that will lead to profits, compute cost of goods sold for the income statement, and compute the cost of inventory for the balance sheet.
Companies that manufacture unique products or provide specialized services, such as accounting firms, music studios, health-care providers, building contractors, and custom furniture manufacturers, use job order costing systems. Companies that produce identical units through a series of production steps or processes, such as soft drink companies, surfboard manufacturers, and medical equipment horngrens financial & managerial accounting 5th edition pdf download, use process costing systems.
A job cost record is a document that shows the direct materials, direct labor, and manufacturing overhead costs for an individual job and allows the company to track the cost of individual jobs. When a company finishes a job, it totals the costs and transfers them to Finished Goods Inventory, an asset account, horngrens financial & managerial accounting 5th edition pdf download. These costs are called Cost of Goods Manufactured.
When the jobs units are sold, the costing system moves the costs from Finished Goods Inventory, an asset, to Cost of Goods Sold, an expense. These costs are called Cost of Goods Sold.
May 31—Work-in-Process Inventory on the balance sheet; June 30—Finished Goods Inventory on the balance sheet; July 31—Cost of Goods Sold on the income statement. This transaction increases assets Raw Materials Inventory and increases liabilities Accounts Payable. The use of a subsidiary ledger allows for better control of inventory as it helps track the quantity and cost of each type of material used in production. A subsidiary ledger contains the details of a general ledger account, and the sum of the accounts in the subsidiary ledger equals the balance in the general ledger account.
The cost of direct materials is transferred out of Raw Materials Inventory credit and is assigned to Work-in-Process Inventory debit. The cost of indirect materials is transferred out of the Raw Materials Inventory account credit and is accumulated in the Manufacturing Overhead account debit. Accounts and Explanation Work-In-Process Inventory direct labor Manufacturing Overhead indirect labor Wages Payable.
This transaction increases assets Work-in-Process Inventoryincreases liabilities Wages Payableand decreases equity Manufacturing Overhead. The following are examples of manufacturing overhead costs: a.
Plant utilities b. Depreciation on manufacturing plant and equipment c. Plant insurance d. Plant property taxes e. The predetermined overhead allocation rateis the estimated manufacturing overhead cost per unit of the allocation base, calculated at the beginning of the period. The allocation base is a denominator that links overhead costs to the products.
Ideally, the allocation base is the primary cost driver of manufacturing overhead. Examples: direct labor hours, direct labor cost, machine hours. Manufacturing overhead is allocated to jobs based on a predetermined overhead allocation rate.
The rate should be based on the main cost driver. To allocate manufacturing overhead, Work-in-Process Inventory is debited and Manufacturing Overhead is credited.
Work-in-Process Inventory, an asset, is increased and Manufacturing Overhead is decreased, which increases equity. When a job is completed, horngrens financial & managerial accounting 5th edition pdf download, Finished Goods Inventory is debited and Work-in-Process Inventory is credited. The effect on the accounting equation is that one asset Finished Goods Inventory is increased and another asset Work-in-Process Inventory is decreased.
One journal entry is required to recognize the revenue earned and another journal entry is required to remove the product from inventory when it is shipped to the customer and recognize the expense incurred. Underallocated overhead occurs when actual manufacturing overhead costs are more than allocated manufacturing overhead costs.
Overallocated overhead occurs when actual manufacturing overhead costs are less than allocated manufacturing costs. This is caused by the fact that overhead is allocated using a predetermined overhead allocation rate that is based on estimates. The overhead is overallocated because the company allocated more than the actual overhead costs.
Costs are accumulated in various accounts as they are incurred. Direct costs are assigned to individual jobs and recorded on the job cost records. Manufacturing overhead costs indirect costs are allocated to individual jobs based on a predetermined overhead allocation rate. The Manufacturing Overhead account is adjusted at the end of the period for the amount of underallocated or overallocated manufacturing overhead.
Service companies, like manufacturing companies, work on individual, horngrens financial & managerial accounting 5th edition pdf download, unique jobs and need to know the cost of the jobs. Knowing the full cost of a job allows for better pricing decisions.
Indirect costs are allocated to jobs using the predetermined overhead allocation rate. A manufacturer of refrigerators A manufacturer of specialty wakeboards A manufacturer of luxury yachts A professional services firm A landscape contractor A custom home builder A cell phone manufacturer A manufacturer of frozen pizzas A manufacturer of multivitamins A manufacturer of tennis shoes.
Accounts and Explanation Manufacturing Overhead Raw Materials Inventory Manufacturing Overhead Accumulated Depreciation Manufacturing Overhead Wages Payable. Companies that produce small quantities of many different products. A company that pulverizes wood into pulp to manufacture cardboard. A company that manufactures thousands of identical files.
Companies that produce large numbers of identical horngrens financial & managerial accounting 5th edition pdf download. A computer repair service that makes service calls to homes. A company that assembles electronic parts and software to manufacture millions of portable media players. A textbook publisher that produces copies of a particular book in batches.
A company that bottles milk into one-gallon containers. A company that makes large quantities of one type of tankless hot water heaters. A governmental agency that takes bids for specific items it utilizes where each item requires a separate bid. A record used to assign direct labor cost to specific jobs. Request for the transfer of materials to the production floor. Document that shows the direct materials, direct labor, and manufacturing overhead costs for an individual job.
An accounting system that accumulates costs by process. The production of a unique product or specialized service Used by companies that manufacture unique products or provide specialized services. Accounts and Explanation Raw Materials Inventory Accounts Payable Purchase of raw materials on account.
Work-in-Process Inventory Manufacturing Overhead Raw Materials Inventory Raw materials used in production. Requirement 2 Accounts and Explanation Date Dec. E, cont. Requirement 4 Date Accounts and Explanation Dec. Requirement 2 Date Accounts and Explanation Dec.
Requirement 2 Work-in-ProcessInventory Jun. Accounts and Explanation Accounts Receivable Sales Revenue Cost of Goods Sold Finished Goods Inventory. E SHAFFER COMPANY Schedule of Cost of Goods Manufactured Year Ended December 31, horngrens financial & managerial accounting 5th edition pdf download, in millions Beginning Work-in-Process Inventory Direct Materials Used: Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account for Ending Work-in-Process Inventory Cost of Goods Manufactured.
SHAFFER COMPANY Income Statement Year Ended December 31, in millions Sales Revenue Cost of Goods Sold: Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Total Selling and Admin. Expenses Net Income. Accounts and Explanation Website Expenses Cash Work-in-Process Inventory Manufacturing Overhead Wages Payable Raw Materials Inventory Accounts Payable Work-in-Process Inventory Manufacturing Overhead Raw Materials Inventory Manufacturing Overhead Accumulated Depreciation—Plant.
Purchased materials on account. Used direct and indirect materials in production requisitioned direct horngrens financial & managerial accounting 5th edition pdf download indirect materials. Incurred and assigned manufacturing wages as direct and indirect labor. Allocated manufacturing overhead to jobs. Completed jobs transferred Work-in-Process Inventory to Finished Goods Inventory; Cost of Goods Manufactured. Sold inventory Cost of Goods Sold. Adjusted underallocated balance of Manufacturing Overhead to Cost of Goods Sold.
Requirement 1b Indirect costs: Office rent Support staff salaries Utilities Total indirect costs Predetermined Overhead Allocation Rate. Problems Group A PA Requirement1 Brandon uses a job order costing system. Requirement 3 Date Accounts and Explanation Oct. PA, cont. Requirement 4 Date Accounts and Explanation Nov. Requirement 2 Date Accounts and Explanation Apr. Requirement 3 Date Accounts and Explanation Apr. Requirement 3 Work-in-Process Inventory b DM, g COGM c DLf OH 94, Bal.
The gross profit must cover these types of costs: selling and administrative expenses, income tax expense, and other expenses. Requirement 4 The actual manufacturing overhead rate is not known until the end of the period. Managers need to make decisions throughout the period.
Requirement 4 LEARNING STARS Schedule horngrens financial & managerial accounting 5th edition pdf download Cost of Goods Manufactured Month Ended June 30, Beginning Work-in-Process Inventory Direct Materials Used: Raw Materials Inventory, Beginning Purchases Raw Materials Available for Use Raw Materials Inventory, Ending Indirect Materials Used Direct Materials Used Direct Labor Trans.
f Manufacturing Overhead Allocated Total Manufacturing Costs Incurred during the month Total Manufacturing Costs to Account for Ending Work-in-Process Inventory Cost of Goods Manufactured.
Requirement 5 LEARNING STARS Income Statement Month ended June 30, Sales Revenue Cost of Goods Sold: Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Horngrens financial & managerial accounting 5th edition pdf download Inventory Cost of Goods Sold Before Adjustment Underallocated Overhead Cost of Goods Sold After Adjustment Gross Profit Selling and Administrative Expenses Net Income.
Requirement 4 Hummingbird Design, Inc. assigns costs to jobs to help the company set fees that cover all costs and contribute to profit. Assigning costs to individual clients can also help Hummingbird Design, Inc.
control costs.
Horngren's Financial \u0026 Managerial Accounting, 5th edition by Nobles study guide
, time: 0:09Horngrens financial & managerial accounting 5th edition pdf download
Horngren's Financial & Managerial Accounting, 5th Edition. Personalize learning with MyAccountingLab ®. MyAccountingLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results 20/1/ · Expanding on Proven Success with Horngren's Financial and Managerial Accounting Horngren's Financial and Managerial Accounting presents the core content of the accounting course in a fresh format designed to help today's learners succeed. The Eleventh Edition expands on the proven success of the significant revision to the Horngren franchise and uses what the authors have learned Horngrens Financial and Managerial Accounting The Managerial Chapters 6th Edition Nobles Test Bank Download free sample - get solutions manual, test bank, quizz, answer key
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