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Exam2TestPrepHWs

# Exam2TestPrepHWs - Exam2TestPrepHWs 55 1 Job 42 Direct...

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Exam2TestPrepHWs 5–5 1. Job 42: Direct materials. ............. \$ 560 Direct labor. .................... 3,120 Overhead. ........................ 1,820 (\$7 × 260) \$ 5,500 Unit cost = \$5,500/110 = \$50 Job 43: Direct materials. ............. \$ 740 Direct labor. .................... 3,600 Overhead. ....................... 2,100 (\$7 × 300) \$ 6,440 Unit cost = \$6,440/200 = \$32.20 2. Ending work in process (Job 44): Direct materials. ............. \$ 1,600 Direct labor. .................... 6,000 Overhead. ........................ 3,500 (\$7 × 500) \$ 11,100 3. Finished Goods. ........................ 11,940* Work-in-Process. ............... 11,940 *5,500 + 6,440 = 11,940. Cost of Goods Sold. ................. 6,440 Finished Goods. ................ 6,440 Accounts Receivable. ............... 9,660** Sales Revenue. .................. 9,660 **6,440 × 150% = 9,660.

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5–6 1. Using Job 30 (any of the three jobs could be used, the overhead rate will be the same): Predetermined overhead rate = \$1,520/\$1,900 = 0.80, or 80% of direct labor cost 2. Job 30 Job 31 Job 32 Balance, August 1. .............. \$ 6,070 \$ 4,312 \$ 10,850 Direct materials. ................. 12,500 11,200 5,500 Direct labor. ........................ 3,000 4,125 2,800 Applied overhead. ............... 2,400 3,300 2,240 Total (August 31). ........ \$ 23,970 \$ 22,937 \$ 21,390 3. Ending Work in Process consists of Jobs 30 and 32 Job 30 . ................................. \$ 23,970 Job 32. .................................. 21,390 Ending WIP. ................ \$ 45,360 4. Cost of goods sold = Job 31 = \$22,937 5. Price of Job 31 = \$22,937 × 1.3 = \$29,818 (rounded) 6–6 1. Physical flow schedule: Units, beginning work in process. ........................... 60,000 Units started. .............................................................. 75,000 Units to account for. .................................................. 135,000 Units completed and transferred out: Started and completed. ........................................ 63,000 From beginning work in process. ....................... 60,000 Units, ending work in process. ................................. 12,000 Total units accounted for. ......................................... 135,000 2. Equivalent units—Weighted average method: Direct Materials Conversion Costs Units completed. .................................. 123,000 123,000 Units, ending work in process: 12,000 × 100%. ............................... 12,000
12,000 × 25%. .................................. 3,000 Equivalent units of output. .................. 135,000 126,000 3. Equivalent units—FIFO method: Direct Materials Conversion Costs Units started and completed 63,000 63,000 Units, beginning work in process: 60,000 × 0%. .................................... 0 60,000

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Exam2TestPrepHWs - Exam2TestPrepHWs 55 1 Job 42 Direct...

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