Ch7 Exercise Part 2 - 7-32a.Work-in-Process inventory...

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Unformatted text preview: 7-32a.Work-in-Process inventory, February 2915,600 + 36 x 300 + 18 x 300 = $31,800b.Direct materials purchased during February252,000 + 54,000 – 36,000 = $270,000c.Actual Manufacturing overhead incurred during February18 x 5,200 = $93,600d.Cost of goods sold for February108,000 + 564,000 – 66,000 = $606,0007-33Sales revenue$6,950Cost of services sold (Managing)$6,709Gross margin$ 241Less marketing and administrative cost$1518,75Operating Profit before taxes$-1,277.75Sales revenue$7,900Cost of services sold (Managing)$3,471Gross margin$4,429Less marketing and administrative cost$1518,75Operating Profit before taxes$2910.25Sales revenue$3,000Cost of services sold (Managing)$3,125Gross margin$-125Less marketing and administrative cost$1518,75Operating Profit before taxes$-1,643.75Sales revenue$1,000Cost of services sold (Managing)$1,718Gross margin$-718Less marketing and administrative cost$1,518,75Operating Profit before taxes$2,236.757-34a.Revenue from Lake Lumber2,000 x 120 = 240,000Revenue from Marty ’s Martina600 x 120 = 72.000Revenue from State Prison System1,000 x 120 = 120,000Cost for State Lake Lumber45 x 2,000 + (45,000/4000) x 2,000 = 112,500Cost for Marty ’s Martina45 x 600 + (45,000/4000) x 600 = 33,750Cost for State Prison System45 x 1,000 + (45,000/4000) x 1,000 = 56,250 Sales revenue$432,000Cost of services sold (Managing)$202,500Gross margin$229,500Less marketing and administrative cost$30,000Operating Profit before taxes$199,5007-35Applied MOH of Job MM-24 on September 1384 x 50% = $192Applied MOH of Job MM-30 on September 11,680 x 50% = $840Direct Materials cost of Job MM-30:648 – 640 = 8Direct Labor cost of Job MM-304,000 – 1,680 = 2,320Applied MOH of Job MM-24 during September...
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Ch7 Exercise Part 2 - 7-32a.Work-in-Process inventory...

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