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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 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)
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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: 3. The cost of goods sold (after adjustment for over/underapplied overhead) is: 4. The manufacturing overhead applied is: 5. The cost of direct materials used is: A. $14,000 B. $15,000 C. $18,000 D. $24,000
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