ch03 - SOLUTIONS TO EXERCISESSET B EXERCISE 3-1B (a) April...

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SOLUTIONS TO EXERCISES—SET B EXERCISE 3-1B (a) April 30 Work in Process—Cooking. ...................... 25,000 Work in Process—Canning. ...................... 6,000 Raw Materials Inventory. ................... 31,000 30 Work in Process—Cooking. ...................... 8,500 Work in Process—Canning. ...................... 7,000 Factory Labor. ..................................... 15,500 30 Work in Process—Cooking. ...................... 29,500 Work in Process—Canning. ...................... 25,800 Manufacturing Overhead. ................... 55,300 30 Work in Process—Canning. ...................... 55,000 Work in Process—Cooking. ............... 55,000 EXERCISE 3-2B (a) Work in process, May 1 400 Started into production 1,300 Total units to be accounted for 1,700 Less: Transferred out 1,200 Work in process, May 31 500 (b) Equivalent Units Materials Conversion Costs Units transferred out Work in process, May 31 500 X 100% 500 X 40% 1,200 500 1,700 1,200 200 1,400 Direct Materials Conversion Costs Work in process, May 1 Costs added Total materials cost $2,040 6,460 $8,500 $1,550 4,050 $5,600 $8,500 ÷ 1,700 = $5.00 © 2008 For Instructor Use Only 3-1
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EXERCISE 3-2B (Continued) (c) $5,600 ÷ 1,400 = $4.00 (d) Transferred out (1,200 X $9.00) $10,800 (e) Work in process Materials (500 X $5.00) $2,500 Conversion costs (200 X $4.00) 800 $3,300 EXERCISE 3-3B 1. Raw Materials Inventory. .......................................... 62,500 Accounts Payable. ............................................. 62,500 2. Factory Labor. ............................................................ 54,000 Wages Payable. .................................................. 54,000 3. Manufacturing Overhead. ......................................... 65,000 Cash. ................................................................... 40,000 Accounts Payable. ............................................. 25,000 4. Work in Process—Cutting. ....................................... 15,700 Work in Process—Assembly. ................................... 10,900 Raw Materials Inventory. .................................. 26,600 5. Work in Process—Cutting. ....................................... 29,000 Work in Process—Assembly. ................................... 25,000 Factory Labor. .................................................... 54,000 6. Work in Process—Cutting (1,680 x $18). ................ 30,240 Work in Process—Assembly (1,720 x $18). ............ 30,960 Manufacturing Overhead. ................................. 61,200 7. Work in Process—Assembly. ................................... 67,600 Work in Process—Cutting. ............................... 67,600 8. Finished Goods Inventory. ....................................... 134,900 Work in Process—Assembly. ........................... 134,900 9. Cost of Goods Sold. .................................................. 150,000 Finished Goods Inventory. ............................... 150,000 Accounts Receivable. ................................................ 200,000
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This note was uploaded on 12/12/2009 for the course ACCT 2102 taught by Professor Constable,d during the Fall '08 term at Georgia Perimeter.

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ch03 - SOLUTIONS TO EXERCISESSET B EXERCISE 3-1B (a) April...

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