Ask Question, Ask an Expert


Ask Accounting Basics Expert

problem 1: Prepare the j entries for traditional and backflush costing. For backflush costing, suppose there are two trigger points:

a) The purchase of raw materials and
b) The completion of goods.

problem 2: Suppose the second trigger point in Requirement 1 is the sale of goods. What would change for the backflush costing journal entries?

problem 3: What if there is only one trigger point and it is (a) completion of goods or (b) sale of goods? How would the backflush costing journal entries distinct from Requirment 1 for (a) and (b)?

Hepworth Company has implemented a JIT system and is considering the utilization of backflush costing. Hepworth had the given transactions for the current fiscal year:

a) Purchased raw materials on account for $600 000.

b) Placed all the materials received into production.

c) Incurred actual direct labor costs of $90000.

d) Incurred actual overhead costs of $625 000.

e) Applied conversion cost of $675000.

f) Completed all the work for month.

g) Sold all the completed work.

h) find outd the difference between actual and applied costs.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91761

Have any Question? 

Related Questions in Accounting Basics

Flexible budget 25cost formula to calculate manufacturing

Flexible Budget (25%) Cost Formula to calculate Manufacturing Overhead Emory Company as follow. Cost Formula relevant for range 15000 to 25.000 machine hours annually. a. Make flexible budget for increment 5,000 machine ...

Accounting information systems assignment-the processes of

ACCOUNTING INFORMATION SYSTEMS ASSIGNMENT- The processes of selecting an AIS/ERP to make informed decision for investment in accounting software. Assignment Scenario- B Bakery is a family owned firm with around 70 employ ...

Question 1john ltd manufactures a product which passes

QUESTION 1 John Ltd. manufactures a product which passes through 2 departments, Boiling and Cooling. Processing first begins in the Boiling department. After boiling of all the materials have been completed, the product ...

Assignment - review of current accounting issuesfor this

Assignment - Review of Current Accounting Issues For this assignment assume that you are the senior accountant working for a major firm. Question 1 - The CEO has forwarded to you an interesting article and requires you t ...

Where does the researcher finda authoritative us gaap

Where does the researcher find: a. Authoritative U.S. GAAP sources? b. Non authoritative U.S. GAAP sources?

Completing the accounting cycle from journal entries to

Completing the accounting cycle from journal entries to post-closing trial balance with an optional worksheet. On December 1, Bob Wonder began an auto repair shop, Wonder's Quality Automotive. The following transactions ...

Assignment - auditing acct30001 during the last 12 months

Assignment - Auditing ACCT3000 1. During the last 12 months, Pacific Water Designs Ltd (PWD) profits have increased because of a significant drop in the cost of component parts from Germany as well as the introduction of ...

Assignment - review of current accounting issuestask -in

Assignment - Review of Current Accounting Issues Task - In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues a ...

Accounting assignmentyou are a business consultant

Accounting Assignment You are a business consultant providing information and advice to future small business owners. One difficult concept for your clients to understand is the concept of economic substance. Accountants ...

Q1 kay corporation is engaged in the furniture

Q1. Kay Corporation is engaged in the furniture manufacturing business. Following are some of the financial figures of company: Sales                                      Rs. 760,000 Net Profit                            ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate