Ch05HWSolutionsE78P1516

Ch05HWSolutionsE78P1516 - CHAPTER 5 PRODUCT AND SERVICE...

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CHAPTER 5 PRODUCT AND SERVICE COSTING: JOB-ORDER SYSTEM 5–7 1. Journal entries: a. Raw Materials. ............................ 21,000 Accounts Payable. ............. 21,000 b. Work in Process. ........................ 29,200 Raw Materials. ..................... 29,200 c. Work in Process. ........................ 9,925 Wages Payable. .................. 9,925 d. Work in Process. ........................ 7,940* Overhead Control. .............. 7,940 *9,925 × 0.80 = 7,940. e. Overhead Control. ..................... 8,718 Various Accounts. .............. 8,718 f. Finished Goods. ........................ 22,937 Work in Process. ................ 22,937 g. Cost of Goods Sold. .................. 22,937 Finished Goods. ................. 22,937 Accounts Receivable. ............... 29,818** Sales Revenue. ................... 29,818 **(22,937 × 130%) = 29,818 (rounded). 2. Raw Materials Work in Process Bal. 16,350 (b) 29,200 Bal. 21,232 (f) 22,937 (a) 21,000 (b) 29,200 8,150 (c) 9,925 (d) 7,940 45,360 Finished Goods Bal. 15,200 (g) 22,937 (f) 22,937 15,200 1
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5–8 1. Predetermined overhead rate using Job 80 = $1,425/$1,900 = 0.75, or 75% 2. Job 80 Job 81 Job 82 Job 83 Job 84 Job 85 Job 86 Balance, June 1. ...... $4,925 $4,275 $2,425 Direct materials. ....... 800 1,235 3,550 $5,000 $ 300 $ 560 $ 80 Direct labor. .............. 1,000 1,400 2,200 1,800 600 860 172 Applied overhead. ... 750 1,050 1,650 1,350 450 645 129 Total. .................... $ 7,475 $ 7,960 $ 9,825 $ 8,150 $ 1,350 $ 2,065 $ 381 .............................. 3.
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This note was uploaded on 02/08/2010 for the course ACTG 3000 taught by Professor C during the Spring '10 term at Oregon State.

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Ch05HWSolutionsE78P1516 - CHAPTER 5 PRODUCT AND SERVICE...

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