User Account

All Pages

Solving case of-the russell company

Assignment Help Accounting Basics
Reference no: EM131672405

Question: Scrap, job costing. The Russell Company has an extensive job-costing facility that uses a variety of metals. Consider each requirement independently.

1. Job 372 uses a particular metal alloy that is not used for any other job. Assume that scrap is material in amount and sold for $480 quickly after it is produced. Prepare the journal entry.

2. The scrap from Job 372 consists of a metal used by many other jobs. No record is maintained of the scrap generated by individual jobs. Assume that scrap is accounted for at the time of its sale. Scrap totaling $4,500 is sold. Prepare two alternative journal entries that could be used to account for the sale of scrap.

3. Suppose the scrap generated in requirement 2 is returned to the storeroom for future use, and a journal entry is made to record the scrap. A month later, the scrap is reused as direct material on a subsequent job. Prepare the journal entries to record these transactions.

Reference no: EM131672405

Questions Cloud

Putting food safety regulations into regional trade pact : What are the benefits and drawbacks of putting food safety regulations into regional trade Pact?
Calculate the cost of materials reworked : Should Heyer Appliances use the $110 circulation motor or the $125 motor to calculate the cost of materials reworked? Explain.
Important consideration concerning activity times : Which of the following is (are) important consideration(s) concerning activity times?
What is the niche market for the given facility : Define a niche market and what makes it so. What is the niche market for this facility? Explain the segmentation strategy implemented by this organization.
Solving case of-the russell company : Scrap, job costing. The Russell Company has an extensive job-costing facility that uses a variety of metals. Consider each requirement independently.
Would respond to stricter food-safety rules : How do you think countries with a high volume of exports to the United States, such as Mexico, would respond to stricter food-safety rules?
Calculate the cost of units transferred out : Using the weighted-average method, calculate the cost of units transferred out, the cost of abnormal spoilage, and the cost of ending inventory for the assembly
One of most common conflicts in an organization occurs : One of the most common conflicts in an organization occurs with raw materials and finished goods.
What types of information do you feel are missing : How the doctor's information is positioned to make him a good choice. What types of information are included? What types of information do you feel are missing?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd