Managerial Accounting Homework Revew Chapter 3 Answer Key

# Managerial Accounting Homework Revew Chapter 3 Answer Key -...

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Chapter 3 Homework Assignment Review Sheet EXERCISES E4. LO 1 Case 1 Units in ending work in process 1,000 Plus: Units completed during October 18,000 Less: Units in beginning work in process (8,000) Units started during October 11,000 Case 2 Units in beginning work in process 14,000 Plus: Units started during March 2,500 Units to account for 16,500 Less: Units in completed during March (10,300) Units in ending work in process 6,200 Case 3 Units in beginning work in process 200,000 Plus: Units started during December 950,000 Unites to account for 1,150,000 Less: Units in ending work in process (300,000) Unites completed during December 850,000 E6. LO 1 Units in beginning work in process 10,000 Units started in August ? Units to account for 52,000 gallons

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Units completed 40,000 Units in ending work in process 12,000 Total units accounted for 52,000 gallons Units started in August = 52,000 10,000 = 42,000 gallons. E7. LO 3 Direct Labor Beginning WIP \$135,000 Cost incurred in March 650,000 Total cost \$785,000 Units Units completed 25,000 pounds Equivalent units, ending WIP (8,000 pounds × 50%) 4,000 Total 29,000 pounds Cost per equivalent unit = \$785,000 ÷ 29,000 pounds = \$27.07 per pound E8. LO 3, 4 Let X = the cost in beginning work in process Material: (\$140,000 + X) ÷ (30,000 + 10,000) = \$5 X = \$60,000 Labor: (\$60,000 + X) ÷ (30,000 + 2,000) = \$2 X = \$4,000 Overhead: (\$87,000 + X) ÷ (30,000 + 2,000) = \$3 X = \$9,000
E11. LO 2, 3, 4 Ending Work in Process Material (800 × 1.0 × \$0.50) \$400 Labor and overhead (800 × .8 × \$0.90) 576 Total \$976 Cost of Items Completed Material (4,000 × \$0.50) \$2,000

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Managerial Accounting Homework Revew Chapter 3 Answer Key -...

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