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Exam 15: Job-Order Costing: Cost Flows and External Reporting

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Question 21

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In the Excel, or spreadsheet, approach to recording financial transactions, work in process that has been completed is recorded as a decrease in the Work in Process column and as an increase in the Cost of Goods Sold column.

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B) False

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Question 22

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Wurzer Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns, the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for January 31. c.Prepare a Schedule of Cost of Goods Manufactured for the company for January. d.Prepare a Schedule of Cost of Goods Sold for the company for January. e.Prepare an Income Statement for the company for January.

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a. _TB2627_00 _TB2627_00 Note: Entry (15...

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Question 23

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Angeloni Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on July 1 appears below: Summaries of the transactions completed during July appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns, the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Schedule of Cost of Goods Sold for the company for July. c.Prepare an Income Statement for the company for July.

In the Excel, or spreadsheet, approach to recording financial transactions, the Manufacturing Overhead account is used to record two things-all actual overhead expenses and the amount of manufacturing overhead applied to production using the predetermined overhead rate.

In the Excel, or spreadsheet, approach to recording financial transactions, an advertising expense paid in cash is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column.

Wessendorf Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns, the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for January 31.

In the Excel, or spreadsheet, approach to recording financial transactions, indirect labor paid in cash is recorded as a decrease in the Cash column and as an increase in the Work in Process column.

Tiehen Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on April 1 appears below: Summaries of the transactions completed during April appear below: Required: Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns, the spreadsheet has been divided into two parts that should be side by side.