Ch7 Exercise - 7.16 1. MaterialsInventory AccountPayable

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
7.16 1.  Materials  Inventory 8,000 Account Payable  8,000 2. Manufacturing OH control      400 Materials Inventory 400 3 . Materials  Inventory 5,600 Account Payable  5,600 4. Accounts Payable 8,000 Cash 8,000 5. Work-in-Process Inventory     400 Materials Inventory 400 6. Work-in-Process Inventory      400 Wages Payable 400 7. Manufacturing OH control 10,600 Cash 10,600 8. Work-In-Process Inventory 6,250 Applied MOH 6,250 9. Manufacturing OH control 1,000 Accumulated Depreciation 1,000 7-17 1. Materials Inventory 4,000 Accounts Payable 4,000 2. Manufacturing OH control 200 Materials Payable 200 3. Materials Inventory 5,000 Accounts Payable 5000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4. Accounts Payable 4,000 Cash 4,000 5. Work-In-Process Inventory 6,000 Materials Inventory 6,000 6. Work-In-Process Inventory 5,000 Wages Payable 5,000 7. Manufacturing OH control 4,300 Cash 4,300 7-18 a. Cost amount of direct materials was issued to production during July $32,000 b. Manufacturing overhead was applied to products during July $24 x   = $24,000 c. Cost of products completed during July $60,000 d. Balance of the Work-In-Process Inventory account at the end of July 20,000 + 30,000 + 32,000 + 24,000 – 60,000 = 46,000 e. The underapplied manufacturing overhead for July 26,000 – 24,000 = 2,000 f. Operating profit for July 90,000 – 40,000 – 16,000 = 34,000 Underapplied overhead is written off to Cost of Goods Sold 2,000 7-19 Applied Manufacturing Overhead : 2,000,000 x 50% = 1,000,000 Actual Direct Labor cost:
Background image of page 2
1,000,000 / 150% = 666,667 Actual Direct Material Cost: 1,000,000 – 666,667 = 333,333 7-20 Predetermined Overhead Rates
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/10/2010 for the course HOA SEN 1234 taught by Professor Vananh during the Spring '10 term at Haaga - Helia University of Applied Sciences.

Page1 / 9

Ch7 Exercise - 7.16 1. MaterialsInventory AccountPayable

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online