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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 53
Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials.
On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company.
Required
Using Exhibit 19.3 as a guide, prepare Job cost sheets for Jobs 102 and 103. Using Exhibit 19.5 as a guide, prepare materials ledger cards for Material M, Material R, and paint. Enter the beginning raw materials inventory dollar amounts for each of these materials on their respective ledger cards. Then, follow the instructions in this list of activities.
a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices.
REFERENCE: Exhibit 19.3
On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company.
Required
Using Exhibit 19.3 as a guide, prepare Job cost sheets for Jobs 102 and 103. Using Exhibit 19.5 as a guide, prepare materials ledger cards for Material M, Material R, and paint. Enter the beginning raw materials inventory dollar amounts for each of these materials on their respective ledger cards. Then, follow the instructions in this list of activities.
a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices.
REFERENCE: Exhibit 19.3
Explanation
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k. The ending ...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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