Exercise 4-20R: Part1 and Part4 Review Problem for Chapters 1-4 Custom Chrome In

Question

Exercise 4-20R: Part1 and Part4
Review Problem for Chapters 1-4

Custom Chrome Inc. manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, Stamping and Plating, and two service departments, Power and Maintenance. In any production department, the job in process is wholly completed before the next job is started.

Additional information:

4. Record all transactions and related entries for October in the journal. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Round journal entries to the nearest dollar

.

4. Record all transactions and related entries for October and post to T-accounts.

Explanation / Answer

required:

1.set up the beginning trial balance in T-accounts.

2.prepare materials inventory ledger cards and enter october 1balance

3.set up job cost sheets as needed.

4.record all transactions and related entries for october and post to T-accounts

5.prepare a service department expense distribution work sheet for october.

Activity-based costing:

Home enteritainment inc. manufractures two types of DVD players standard and deluxe.

it attempts to selling price based on a 50% mark up on a manufacturing cost to cover selling and administrative expensive and to earn acceptable return for shareholders.

STANDARD DELUXE

Direct materials..............................................$ 30.00 $ 50.00

Direct labour.................................................... 17.50 37.50

Factory overhead............................................. 52.50 112.50

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Manufacturing cost for unit..............................$ 100.00 $ 200.00

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