XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in thed production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause:

XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in thed production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause:

Name: BRARIESSQU PORTAL ATTENDANCETime left 1:45:5XYZ company uses a job-or
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Description: BRARIESSQU PORTAL ATTENDANCETime left 1:45:5XYZ company uses a job-order costing system. In reviewing its records at the end of theyear, the company has discovered that OMR 12,000 of raw materials has been drawnfrom the storeroom and used in thd pro

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 11E: Leen Production Co. uses the job order cost system of accounting. The following information was...

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Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Finished Goods to be overstated by OMR 12,000 for the year. O b. Finished Goods to be understated by OMR 12,000 at the end of the year. C. None of the given answer is correct d. Cost of Goods Sold to be overstated by OMR 12,000 for the year. e. Work in Process to be understated by OMR 12,000 at year end.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a. Work in Process to be understated by OMR 12,000 at year end. O b. None of the given answer is correct С. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Finished Goods to be overstated by OMR 12,000 at the end of the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. b. Work in Process to be understated by OMR 12,000 at year end. O c. Finished Goods to be overstated by OMR 12,000 for the year. O d. None of the given answer is correct Finished Goods to be understated by OMR 12,000 at the end of O e. the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job has been completed and sold at year end. This error will cause: a. Work in Process to be understated by OMR 12,000 at year end. bNone of the given answer is correct . Finished Goods to be understated by OMR 12,000 at the end of the year. d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Cost of Goods Sold to be understated by 12,000 for the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Finished Goods to be understated by OMR 12,000 at the end of the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O. Cost of Goods Sold to be understated by OMR 12,000 for the year. d. None of the given answer is correct Oe Work in Process to be understated by OMR 12,000 at year end. CLEAR MY CHOICE
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a Cost of Goods Sold to be overstated by OMR 12,000 for the year. b.Finished Goods to be understated by OMR 12,000 at the end of the year. c. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. d. None of the given answer is correct e. Work in Process to be understated by OMR 12,000 at year end.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct O b. Work in Process to be understated by ON 12,000 at year end. O c. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O d. Finished Goods to be understated by OMR 12,000 at the end of the year. O e. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.
Leen Production Co. uses the job order cost system of accounting. The following information wastaken from the company’s books after all posting had been completed at the end of May:Jobs Direct Materials Direct Labor Factory No. of unitsCompleted Cost Cost Overhead Completed1040 P 3,600 P 4,000 P 1,600 4001065 2,380 2,500 1,000 2401120 1,800 1,700 680 200Required:1. Compute the total production cost of each job.2. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods.3. Compute the cost per unit for each job.4. Compute the selling price per unit for each job, assuming a mark-up percentage of 40%.5. Prepare the journal entries to record the sale on account of Job 1065.
Time left 1:59:35 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: а. Cost of Goods Sold to be overstated by OMR 12,000 for the year. b. None of the given answer is correct С. Work in Process to be understated by OMR 12,000 at year end. d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Finished Goods to be overstated by OMR 12,000 at the end of the year.
Century Company uses job order costing system. During April 2018, the following information is available for the Work in Process Inventory account: Beginning balance P40,000 Direct material used 140,000 Direct labor incurred 120,000 Actual overhead 90,000 Applied overhead 96,000 Cost of goods manufactured 370,000 Century Company applies overhead on the basis of direct labor cost. There was only one job left in Work in Process at the end of April which contained P11,200 of overhead. What amount of direct material was included in this job?
Time left 1:40:01 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Work in Process to be understated by OMR 12,000 at year end. O b. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O c. Finished Goods to be overstated by OMR 12,000 for the year. O d. Finished Goods to be understated by OMR 12,000 at the end of the year. O e. None of the given answer is correct PAGE NEXT PAGE IZ TWO Jump to. COURSE OUTLINE_SPRING2021 ► hp 米 fs 17 fg 144 トト %23 %24 4 & 5 7 8. V E R T