Mang ACC 3

Mang ACC 3 - CHAPTER 3 EXERCISE 3-1 March 31 Work in...

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CHAPTER 3 EXERCISE 3-1 March 31 Work in Process—Cooking. ............................ 14,000 Work in Process—Canning. ............................ 6,000 Raw Materials Inventory. ......................... 20,000 31 Work in Process—Cooking. ............................ 8,500 Work in Process—Canning. ............................ 7,000 Factory Labor. ........................................... 15,500 31 Work in Process—Cooking. ............................ 29,500 Work in Process—Canning. ............................ 22,000 Manufacturing Overhead. ........................ 51,500 31 Work in Process—Canning. ............................ 45,000 Work in Process—Cooking. .................... 45,000 EXERCISE 3-2 1. Raw Materials Inventory. ............................................ 56,300 Accounts Payable. ............................................... 56,300 2. Factory Labor. .............................................................. 55,000 Wages Payable. .................................................... 55,000 3. Manufacturing Overhead. ........................................... 70,000 Cash. ..................................................................... 36,000 Accounts Payable. ............................................... 34,000
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4. Work in Process—Cutting. ......................................... 15,700 Work in Process—Assembly. .................................... 8,900 Raw Materials Inventory. .................................... 24,600 5. Work in Process—Cutting. ......................................... 28,000 Work in Process—Assembly. .................................... 27,000 Factory Labor. ...................................................... 55,000 6. Work in Process—Cutting ($1,640 X $20). ............. 32,800 Work in Process—Assembly ($1,720 X $20). ........ 34,400 Manufacturing Overhead. ................................ 67,200 7. Work in Process—Assembly. ................................. 77,600 Work in Process—Cutting. .............................. 77,600 8. Finished Goods Inventory. ...................................... 135,000 Work in Process—Assembly. .......................... 135,000 9. Cost of Goods Sold. ................................................. 130,000 Finished Goods Inventory. .............................. 130,000 Accounts Receivable. .............................................. 200,000 Sales. ................................................................. 200,000 EXERCISE 3-3 (a) January May
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Total units to be accounted for Beginning work in process Started into production Total units Total units accounted for Transferred out Ending work in process Total units 0 9,000 9,000 7,000 2,000 9,000 0 21,000 21,000 16,000 5,000 21,000 (b) (1) Materials (2) Conversion Costs January March May
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Mang ACC 3 - CHAPTER 3 EXERCISE 3-1 March 31 Work in...

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