Chapter 2 Handout Problems

Chapter 2 Handout Problems - T-account method oftracing...

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Unformatted text preview: T-account method oftracing cost flows inside a manufacturing firm: . ‘X ‘ I ‘ .‘ ‘I I u L, I I ‘ ‘ 4 \ ‘ “(F‘ ’f ‘4 Y ‘ ‘5 l H I ‘ ‘t IV‘ a 1‘], , ' n (H. 2 9 I .‘ x U" . \ ‘ “ L. ‘ 2 ' L A q \ a m) \ " How 59“ \ k J ‘ 1 - Him-7 7- ” ’ I “- 3-1) Lam) I r i i w / , J \‘ikn \ ‘ 5 k ’ i r " . :, *‘L'C‘ : 1* ' W "< i, \ Mn‘l‘fi ‘ L" \‘H uni“; ‘L: ‘ \ ‘ \ ll W i I ~)b m -' I \ A-ibrr r i Practice Figure 2-] . 4|. 42, Concam Inc. manufactures television sets. Last month direct materials (electronic components. etc.) costing $500000 were put into production. Direct labor of$800.000 was incurred. overhead equaled $450000. and selling and administrative costs totaled $3 60.000. The company manufactured 8.000 television sets during the month. Assume that there was no beginning or ending work in process balances. Refer to Figure 2- l: The per-unit conversion cost was: ‘ . . Fa. $218.75 Lb. $|5625 ._ E. $162.50 d. $100.00 i "‘ .1. Refer to Figure 2—] : The total product costs for last month were: Ta. ‘ 551350.000 b. $2.] 10.000 c. $1.300.000 ‘ l d. 851.250.000 “1-1 I. " 'l'i.‘ 0| 4 ' “'1 -‘ H‘ J Figure 2-2. 45. 46. Lonborg (‘0‘ had the following beginning and ending inventory balances for the year ended December 31. 20x8: January I. 20x8 December 3 l. 20x8 S 8.000 $17.000 $16500 $ 10.000 $18000 $21.000 Materials Work in Process Finished Goods In addition. direct labor costs of$30.000 were incurred. overhead equaled $42,000. materials purchased were $2 7.000 and selling and administrative costs were $22000. Lonborg Co, sold 25.000 units of product during the year at a sales price of$5.00 per unit. Refer to Figure 12: What was the amount ofCost ofGoods Manufactured for the year? a. $101000 ' b. SIB-1.000 . _. aw ‘. c. $100000 1d,) $|02.000 ' _'It.. Refer to Figure 272: What was the amount ofC‘ost ofGoods Sold for the year? a. $101000 b. $91500 5:. $|06.500 d. $128500 47. Refer to Figure 22: What were the total manufacturing costs for the year? a.) $101000 ti $101000 1:. $ | 23.000 d. $|06,500 48. Refer to Figure 272: What was Lonborg's operating income <loss> for the year? a. $18,500 b. $l25~000 - C. $<3,500> d. $5.500 49. Durng the month Ollllrte. Telecom Inc. had cost ol'goods manufactured of$l 121000. direct materials cost of$52.000. direct labor cost of $31000 and overhead cost of$26.000. The Work in Process balance at June 30 equaled $10000. What was the Work in Process balance on June l?‘ 'a. $7.000 fl {-5 73’ h. $13000 .' ' “1 P c1 $10000 tw“ 11. d. $115,000 9" l j. 50. Rancon Enc. had a per-unit conversion cost of $2.50 during April and incurred direct materials cost of$100.000. direct labor costs of $71000, and overhead costs of 5545.000 during the month. How many units did they manufacture during the month? a. 70,000 7 K 0 18.000 1‘ " = = - ‘ 01,4 , ,. .. 48.000 3-,t ' E1. 30.000 * 541 Kutlow. Inc. had cost of goods sold OHS] 11000 for the year ended December 3]. 20x8. The Finished Goods Inventory on January I. 20x8 was $28000 and the Finished Goods Inventory on December 3 L 20x8 was 3517.000, What was the amount of Cost of Goods Manufactured for the year? a $120,000 01;?- $101000 c. $67000 d. 0113.000 l 1 Jr”- Figure 2—8. Last year Quest Company incurred the following costs: Direct Materials: 340.000 Direct Labor: 60.000 Overhead 90.000 Selling Expenses 24.000 Administrative Expenses 22.000 Quest produced and sold 2000 units at a sales price 0f$125 each. Assume that beginning and ending inventories ofmalerials. work in process. and finished goods were zero. 77. Refer to Figure 2-8: Total period expense was? a. $24000 t; $190000 $46,000 a. $250000 78. Refer to Figure 2—8: Gross margin perwunit was? a. 3] 25 [3. $7 (2. $95 :rl$30 79. Refer to Figure $8; Total product costs were? a” $190000 bi, $100300 0. 35150000 d. $236,000 80. Refer to Figure 2-8: Conversion cost per unit was? a. $50 b. $75 e. $95 (1. $125 ...
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This homework help was uploaded on 04/15/2008 for the course ACCT 2020 taught by Professor Lui during the Spring '08 term at North Texas.

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Chapter 2 Handout Problems - T-account method oftracing...

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