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You have applied for a cost accounting position with Chelsea Containers. The company controller has asked all candidates to take a quiz to demonstrate their knowledge of job order costing. Chelsea’s job order costing system is based on normal costs, and overhead is applied based on direct labor cost. The following information pertaining to May has been provided to you:
You are informed that Job #68 had been completed in April. You are also told that Job #67 was the only job in process at the beginning of May. At that time, the job had been assigned $25,800 for DM and $7,200 for DL. At the end of May, Job #71 had not been completed; all others were complete. Answers to the following questions are required.
a. What is Chelsea Containers’ predetermined OH rate?
overhead is % of direct labor cost
b. What was the total cost of beginning Work in Process Inventory?
$
c. What were total direct manufacturing costs incurred for May?
d. What was cost of goods manufactured for May?
Compute the return on investment for each division. Compute the economic value added amount for each division. Which division's manager is performing the best using ROI?
caine had a starting inventory balance of 3600 on 1st april and a starting balance in accounts payable of 14800. the
Which is NOT a feature of a process costing system?
Luis Corporation uses a standard cost system in which it applies manufacturing overhead to products on basis of machine hours (MH's). The company's standard requires 4 Machine Hours for each unit produced. Luis budgets to produce 1,100 units per mont..
List the journal entries required in the following situations. Include the debit, credit, account name, amount, accounting period (month), and whether each account is an asset, liability, equity, revenue, or expense. During the June close, you receiv..
In 2014, Georgia had the following insured personal casualty losses (arising from one casualty). Georgia also had $20,000 adjusted gross income for the year. What is Georgia’s itemized deduction for her casualty losses?
raphael corporations common stock is presently selling on a stock exchange at 85 per share at its current balance sheet
For which situation(s) below would an organization be more likely to use a process costing system of rather than a job-order costing system?
Lincoln Corporation produces and sells two products: Standard and Deluxe. The info on the two products sold for the last month is given below. The common fixed cost is $15,000. Suppose total sales revenue for the coming month stays the same, but the ..
Perpetual system and the loss method with an allowance account, prepare the journal entries required at December 31, 2010 and December 31, 2011.
Shelby Corporation was organized in January 2010 by 10 stockholders to operate an air conditioning sales and service business. The charter issued by the state authorized the following capital stock.
I need help filling out the rest, I also tried putting 15,000 and 6% interest on it in repayments for Q2 but it shows it's wrong
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