Final Exam Answers--Chapters 1-16

Final Exam Answers--Chapters 1-16 - Accounting 202 Fall...

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Accounting 202 Name_____________ Fall 2005 Page 1 of 25 Problem 1—Manufacturing Company Income Statement Advertising expense 5,500 Depreciation of factory equipment 3,500 Depreciation of factory building 1,800 Depreciation of office equipment 200 Direct labor 60,000 Factory utilities 2,600 Factory insurance 1,100 Repairs and maintenance of machinery 2,500 Factory property taxes 1,900 Factory supervision 6,000 Factory supplies 600 Finished goods inventory, beginning 10,300 Finished goods inventory, ending 11,200 Work in process inventory, beginning 2,500 Work in process inventory, ending 7,500 Raw materials inventory, beginning 8,000 Raw materials inventory, ending 9,000 Raw materials purchases 85,000 Income tax expense 32,600 Indirect labor 9,000 Insurance expense on office 4,000 Salaries expense for office staff 18,000 Sales 310,000 Required: Prepare a cost of goods manufactured schedule and an income statement in good form. This is Hamilton Company and the information is for December 31, 2005. Complete your problem on page provided. (Do not complete the problem in this space.)
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Accounting 202 Name_____________ Fall 2005 Page 2 of 25 Problem 2—Process Costing Ayres Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process. ........................................................... 400 Stage of completion with respect to materials. ............ 85% Stage of completion with respect to conversion. ......... 45% Costs in the beginning inventory: Materials cost. ........................................................... $4,800 Conversion cost. ....................................................... $3,300 Units started into production during the month. ............. 5,800 Units completed and transferred out. .............................. 5,100 Costs added to production during the month: Materials cost. .............................................................. $69,500 Conversion cost. ........................................................... $82,300 Work in process, ending: Units in process. ........................................................... 1,100 Stage of completion with respect to materials. ............ 55% Stage of completion with respect to conversion. ......... 45% Required: Complete a production report for the department using the weighted-average method. Use supplied worksheet to complete the problem. (Do not complete the problem in this space.)
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Accounting 202 Name_____________ Fall 2005 Page 3 of 25 Problem 3—High-Low Method Norway is a small one-person company that provides wedding receptions. The owner of the company would like to understand the cost structure of the company and has compiled the following records of activity and costs incurred. Month
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This note was uploaded on 11/21/2009 for the course ACC 2134 taught by Professor Ronwood during the Spring '09 term at Nashville State Community College.

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Final Exam Answers--Chapters 1-16 - Accounting 202 Fall...

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