Questions from Cost Accounting

Q: Why do companies adopt the LIFO method of inventory costing? Your

Why do companies adopt the LIFO method of inventory costing? Your discussion should include the effects on both the income statement and balance sheet.

Q: WTA Manufacturing Company operates on a modified wage plan. During one

WTA Manufacturing Company operates on a modified wage plan. During one week’s operation, the following direct labor costs were incurred: The employees are machine operators. Piece r...

Q: Terri Whelan, SS# 036-47-2189, is

Terri Whelan, SS# 036-47-2189, is a Grade 1 Machinist who earns $20 per hour. On Monday June 12 through Wednesday June 14, she worked four hours per day on each of Jobs 007 and 2525. On Thursday and F...

Q: Which of the forms shown in the chapter is the source for

Which of the forms shown in the chapter is the source for the following entries to subsidiary ledger accounts? a. Debits in materials ledger to record materials purchased b. Credits in materials ledg...

Q: Although payroll records may vary in design, what types of employee

Although payroll records may vary in design, what types of employee data would be found in the payroll records of most manufacturing companies?

Q: In accounting for labor costs, what is the distinction between the

In accounting for labor costs, what is the distinction between the accounting treatment for regular pay and overtime premium pay?

Q: Maintaining internal control over labor cost is necessary for a cost accounting

Maintaining internal control over labor cost is necessary for a cost accounting system to function effectively. What are the internal control procedures regarding the charge to the work in process acc...

Q: What accounts are used to record employees’ withholding taxes and the employer’s

What accounts are used to record employees’ withholding taxes and the employer’s payroll taxes?

Q: What are the procedures involved in accounting for labor cost, and

What are the procedures involved in accounting for labor cost, and what supporting forms are used for each procedure?

Q: What is a shift premium, and how is it usually accounted

What is a shift premium, and how is it usually accounted for?