FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Covido Inc. manufactures laptop accessories.During the month of February, XYZ computer store ordered 1,000 accessories.The contract price is P 500 per accessory MaterialsP 15,000 Labor5,000

Covido Inc. manufactures laptop accessories.During the month of February, XYZ computer store ordered 1,000 accessories.The contract price is P 500 per accessory


MaterialsP 15,000

Labor5,000

Applied Factory Overhead3,000

TotalP 23,000


Before the delivery of various accessories, XYZ computer store requested for additional safety lock on the laptop.The additional specification requires for rework for additional cost is P 4,000.

REQUIRED:What are the necessary journal entries for this problem?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Here are the necessary journal entries for the scenario Journal Entry 1 Record the cost of materials ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Principles of Accounting

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

12th edition

978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985

Students also viewed these Accounting questions

Question

★★★★★
7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...

Answered: 1 week ago

Question

★★★★★
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★
A general rule for the relationship between operating, investing, and financing cash flows and the financial statements is: Operating Cash Flows Cause Changes in: A) Noncurrent liabilities and...

Answered: 1 week ago

Question

★★★★★
Modify Lookup to make a program LookupAndPut that allows put operations to be specified on standard input. Use the convention that a plus sign indicates that the next two strings typed are the...

Answered: 1 week ago

Question

★★★★★
Working Company, from Problem 4-2B, prepared an end-of-period spreadsheet (work sheet) at December 31, 2015, the end of the current fiscal year. Instructions 1. Prepare an income statement for the...

Answered: 1 week ago

Question

★★★★★
The budget for the month of May was for 9,000 units at a direct materials cost of $15 per unit. Direct labor was budgeted at 45 minutes per unit for a total of $81,000. Actual output for the month...

Answered: 1 week ago

Question

★★★★★
3. Do not friend students on social media, and be very careful about your language and picture postings on all electronic communicationsmany things can be misinterpreted. Create school-related email...

Answered: 1 week ago

Question

★★★★★
Taos Company's record of transactions concerning part X for the month of April was as follows. Instructions (a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual...

Answered: 1 week ago

Question

★★★★★
PA11-3 Finding Missing Amounts At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data: Complete the following

Answered: 1 week ago

Question

★★★★★
The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company's products is increasing, and management requests assistance from you in determining an economical sales...

Answered: 1 week ago

Question

★★★★★
6. Permanent tooling is to be evaluated for an operation and product. Let the estimated unit savings in direct labor be $.20 for a part if tooling is used, burden on labor saved -35%, cost of each...

Answered: 1 week ago

Question

★★★★★
Consider a person you believe served as an excellent role model as a leader. This could be a friend, coach, teacher etc..or anyone else you know. Andrea the following What traits, skills, and...

Answered: 1 week ago

Question

★★★★★
Presentation Content You have been hired as a business process consultant for a fast food restaurant to strategically reorganize, standardize, and improve their service processes through the use of...

Answered: 1 week ago

Question

★★★★★
What one modification would you recommend to the "Temporal-Three" evacuation signal to increase its "recognition" and perception of "urgency". In your response justify your modification financially...

Answered: 1 week ago

Question

★★★★★
A crate starts from rest and is pulled by a force P of 500 N. Determine the speed of the crate after 4 s if between crate and surface is 0.2. Take mass of crate as 80 kg. REMEMBER: use Fdt = m(v -v)...

Answered: 1 week ago

Question

★★★★★
A trader creates a bear spread by selling a six-month put option with a $25 strike price for $2.15 and buying a six-month put option with a $29 strike price for $4.75. Find the payoff of the strategy...

Answered: 1 week ago

Question

★★★★★
Determine whether the lines are parallel, perpendicular, or neither. 2x + 3y = -12, 2y - 3x = 8

Answered: 1 week ago

Question

★★★★★
Of the people who endure traumatic experiences, which of the following are the most likely to develop PTSD? a. The people who suffered the most severe traumas b. The people who reacted most intensely...

Answered: 1 week ago

Question

★★★★★
How does alcohol decrease anxiety? a. By shifting blood flow from the left hemisphere to the right hemisphere b. By increasing glutamate activity in the prefrontal cortex c. By facilitating the...

Answered: 1 week ago

Question

★★★★★
Research on the amygdala supports which of these psychological conclusions? a. People who experience great fear also tend to experience a great amount of anger. b. Anxiety disorders are more common...

Answered: 1 week ago

Previous Question Next Question