Check Figures for P. 3-30_1

Check Figures for P. 3-30_1 - BUS 121 Managerial Accounting...

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BUS 121 Managerial Accounting Homework Assignment – Chapter 3 Selected Check Figures Problem 3-30 In Part 1. Journal Entries: Manufacturing Overhead Applied 240,000 In Part 2. General Ledger Accounts: Amount in Manufacturing Overhead A/C 3,000 Dr. Balance In Part 3. Schedule of CGM: Cost of Good Manufactured: 590,000 In Part 4. Schedule of CGS: Cost of Good Sold: 603,000 In Part 5. Income Statement: Net Operating Income: 82,000 In Part 6. Calculation of Unit Cost: Apply Mfg. O/H @ 160% of DM $
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Question 1: Score 15.25/20
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Your response Problem 3-30 Comprehensive Problem: Journal Entries; T-Accounts; Financial Statements [LO3, LO4, LO5, LO6, LO7, LO8] Southworth Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production. At the beginning of the current year, the following estimates were made for the purpose of computing the predetermined overhead rate: manufacturing overhead cost, $248,000; and direct materials cost, $155,000. The following transactions took place during the year (all purchases and services were acquired on account): a. Raw materials purchased, $142,000. b. Raw materials requisitioned for use in production (all direct materials), $150,000. c. Utility bills incurred in the factory, $21,000. d. Costs for salaries and wages were incurred as follows: Direct labor $ 216,000 Indirect labor $ 90,000 Selling and administrative salaries $ 145,000 e. Maintenance costs incurred in the factory, $15,000. f. Advertising costs incurred, $130,000. g. Depreciation recorded for the year, $50,000 (90% relates to factory assets, and
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This note was uploaded on 06/26/2009 for the course BUS 121 taught by Professor Shupe during the Summer '09 term at Grossmont.

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Check Figures for P. 3-30_1 - BUS 121 Managerial Accounting...

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