Chapter 3 Exercise Solutions

Chapter 3 Exercise Solutions - Managerial Accounting Gp...

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Managerial Accounting – Gp Exercise Team Name: _____________ Answer Key Part A ( 3 pts) The following relate to Qs 1-6 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 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)
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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
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This note was uploaded on 04/22/2008 for the course ACCT 2251 taught by Professor Lilysieux during the Winter '07 term at CSU East Bay.

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Chapter 3 Exercise Solutions - Managerial Accounting Gp...

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