Chapter 3 Group EC - 1 The indirect labor cost is A $8,000...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Managerial Accounting – Cost Acct Exercise Team name: ___________________ Participants: ___________________________________________________________ The following T accounts are for Stanford Company: Raw Materials Cost of Goods Sold Beg Bal. 7,000 24,000 (2) (1) 19,000 Sales Salary Expense Work in Process (4) 11,000 Beg Bal. 11,000 ? (7) (2) 15,000 (4) 18,000 (6) 31,000 Accounts Payable Manufacturing Overhead 19,000 (1) (2) 9,000 31,000(6) 5,000 (5) (3) 16,000 (4) 8,000 (5) 5,000 Wages & Salaries Payable Finished Goods 7,000 Beg Bal. Beg Bal. 18,000 37,000 (4) (7) 62,000 End Bal. 15,000 Accumulated Depreciation - Factory 82,000 Beg Bal. 16,000 (3) Please answer the following based on the above T-account information:
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1. The indirect labor cost is: A. $8,000 B. $15,000 C. $18,000 D. $37,000 2. The cost of goods manufactured is: A. $82,000 B. $64,000 C. $71,000 D. $62,000 3. The cost of goods sold (after adjustment for over/underapplied overhead) is: A. $58,000 B. $69,000 C. $72,000 D. $65,000 E. none of the above 4. The manufacturing overhead applied is: A. $24,000 B. $31,000 C. $38,000 D. $42,000 5. The cost of direct materials used is: A. $14,000 B. $15,000 C. $18,000 D. $24,000 6. The ending Work in Process account balance would be: A. $13,000 B. $75,000 C. $20,000 D. $64,000...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern