Assume that a by-product is accumulated for several months before it is sold. a. Explain why an

Question:

Assume that a by-product is accumulated for several months before it is sold.

a. Explain why an accountant would make an entry crediting Work in Process for the by-product's estimated value at the time of its removal from factory operation.

b. Explain why an accountant would make an entry only when the by-product is sold.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cost Accounting Principles And Applications

ISBN: 9780070081529

5th Edition

Authors: Horace R. Brock

See More Books

Question Posted: Jun 21, 2024 09:06 AM

See More Questions

Explain the similarities and differences between job order costing and process costing. In your explanation, provide examples of when job order costing and process costing would be most appropriate....
I am struggling with the attached item. Are you able to provide some assistance and pointers? I am completing figures 2,3 & 5 39 JOB ORDER COSTING: A SIMULATION AND VEHICLE FOR CONCEPTUAL DISCUSSION...
Hello again, this is another class and I need your help again. I misunderstood the start date of the class so I'm a bit late for this first week so I'm sorry for having to ask you to finish some of...
According to a study conducted by the Gallup organization, the proportion of Americans who are afraid to y is 0.10. A random sample of 1100 Americans results in 121 indicating that they are afraid to...
The following data show the ages of all Academy Award-winning male actors at the time when they won their award, through 2012. Make a frequency table for the data, using bins of 20-29, 30-39, and so...
If Sportaid's board of directors decided to declare a december 31, what is the largest dividend it could declare? a. $\$ 753,800$ b. $\$ 71,800$ c. $\$ 8,900$ d. $\$ 593,000$ These account...
Target costs, effect of product-design changes on product costs. Medical Instruments 1 2010 hatch-level costs manufactures many products. Io compute manufacturing costs, it uses an accounting system...
A uniform drawbridge 8.00 m long is attached to the roadway by a frictionless hinge at one end, and it can be raised by a cable attached to the other end. The bridge is at rest, suspended at 60.0...
Imprudential, Inc., has an unfunded pension liability of $570 million that must be paid in 20 years. To assess the value of the firms stock, financial analysts want to discount this liability back to...
What are the disadvantages of the reversal cost method?
In general terms, explain how a decision is made on whether to further process a by-product or to sell it without additional processing.
Slack time equals: a) ES + t. b) LS ES. c) zero. d) EF ES.
How does international law shape the framework for conflict resolution, and to what extent does it succeed in providing a just and impartial platform for resolving interstate disputes ?
What role does emotional intelligence play in facilitating effective interpersonal relationships and conflict resolution strategies within cross-functional teams ?
Do you support the use of artificial intelligence to select and screen potential applicants? Why or why not? Support your stance. What is a counterpoint to your argument? Interview questions: What...
In 2020 hornby used innovation and made changes to its promotional methods to make the company profitable. Evaluate these two options and recommend which one was likely to have been more effective at...
UG Printery Inc. Balance Sheet December 3 1 , 2 0 2 3 Assets Cash $ 1 6 0 , 0 0 0 Accounts Receivable $ 3 7 5 , 4 0 0 Direct Materials Inventory 1 2 , 8 0 0 pounds x $ 1 0 . 7 5 $ 1 3 7 , 6 0 0...
Repeat Exercise 9-6 using a sample size of and the same acceptance region.
Show that the peak of the black body spectrum as a function of ? is given by eq. (22.14) kg T Wmax = 2.82
Need help with these two questions please show work for both 3. According to the graph, how long did it take for the radioactivity to get down to a. 75% of the original amount of carbon-14? (4 pts)...
A ball is thrown horizontally off a high cliff with a horizontal velocity of 20m/s and lands 200 m from the base of the cliff. How high is the cliff? What is the magnitude of the velocity of the ball...
017 Find the energy released in the alpha decay of 238 92 U, if 238 92 U has an atomic mass of 238.050784 u, 234 90 Th an atomic mass of 234.043593 u, and 4 2He an atomic mass of 4.002602 u. 1....

Assume that a by-product is accumulated for several months before it is sold. a. Explain why an

Question:

Step by Step Answer:

Cost Accounting Principles And Applications

Students also viewed these Business questions