Accounting

Solution Library


Calculation of Various Costs and Account Balances-Multiple Choice Questions

Question 1) Inventoriable costs include all of the following except the a. cost of the goods purchased. b. freight in. c. cost of the beginning inventory. d. all of the above are included. 2) Abaco Enterprises had beginning inventory of $45,000 at March 1, 2013. During the month, the company m ... Read More

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Calculation of Various Variances and Costs of Goods-Multiple Choice Questions

Question 1)Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was $275,000. Rent increased during the year, causing actual fixed overhead to be $292,000. Jordan Company applies overhead on the basis of basketballs produced. They projected 1,100,000 baske ... Read More

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Actions Against Unethical Behaviour of Auditors

Question Luke and Zane are two audit seniors working for the same Big Four accounting firm. Both started employment with the firm around the same time. They have mutual respect for each other; however, they have been highly competitive since they commenced work together.  Luke has recently mar ... Read More

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Actions to be Taken in Order to Overcome the Ethical Issues

Question You are involved in the audit of Puzzler Ltd (Puzzler), and have been examining the documentation associated with Puzzler's purchase from Worthington Ltd (Worthington) of the expensive and troublesome Jigsaw Cutter. However, the documentation is highly summarized and incomplete, and it is ... Read More

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Key Assertions at Risk in Relation to Accounts Payable and Justification for each Assertion

Question The Peak Sawmill Limited (Peak) operates a timber sawmill in a large regional town. It sources its raw material (pine logs) from a number of local growers and from its own plantations. Logs are transported on large trucks that are weighed in on the company's weighbridge and weighed out aft ... Read More

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Cost and Profit Analysis of a Company

Question GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations. A.  Purchased production materials on account, $85,000. B.  Production materials of $ ... Read More

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Schedule of Summarizing Manufacturing Costs by Job Incurred

Question GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations. A.  Purchased production materials on account, $85,000. B.  Production materials of $ ... Read More

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Preparation of Balances of Inventory

Question GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations. A.  Purchased production materials on account, $85,000. B.  Production materials of $ ... Read More

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Calculation of Cost of Goods Manufactured

Question GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations. A.  Purchased production materials on account, $85,000. B.  Production materials of $ ... Read More

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Calculation of Gross Profit

Question GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations. A.  Purchased production materials on account, $85,000. B.  Production materials of $ ... Read More

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Preparation of Summary Journal Entries for a Company

Question GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations. A.  Purchased production materials on account, $85,000. B.  Production materials of $ ... Read More

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Trend Analysis of the Unit Manufacturing Costs of Products to Analyze Costs

Question GIVEN:  The controller for Traditional Manufacturing Inc. performed a trend analysis of the unit manufacturing costs of product T-2 for the month of March.  Two patterns emerged; there was a gradual upward trend in the unit costs over the month for T-2 and there was an upward spi ... Read More

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