LO 3.03 – Zimmer, Inc.
Managerial Accounting
Garrison, Noreen, and Brewer
17th Edition
Find January’s unadjusted cost of goods sold.
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Find January’s unadjusted cost of goods sold.
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What will the related entry do/include under the account circumstances?
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What is the balance of the account and determine if the overhead is under or overapplied at the end of the year?
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Which of the statement regarding manufacturing overhead costs is false?
When companies have selling and administrative costs, how do these costs flow?
Given data at year-end along with beginning and ending account balances… prepare an income statement, cost of goods sold schedule, and cost of goods manufactured schedule.
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Given T-accounts… calculate the cost of raw materials, indirect materials, indirect labor costs, costs of goods manufactured, unadjusted cost of goods sold, predetermined rate, ending work in process, direct materials cost, and applied overhead cost.
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Given a large list of transactions… prepare journal entries for each, prepare t-accounts, prepare journal entries for closing balances, and lastly to prepare an income statement.
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For each of the transactions, indicate which account should be debited and credited. Direct materials issued to production. Salary of the Production Supervisor owed. Oil, waste rags, and solder are used up. The salary of direct laborers is owed. Manufacturing overhead is applied.
What is the journal entry to record the withdrawal of raw materials for use as both direct and indirect materials in production?