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ANSWERS_Acct 611 Ch 3 Solutions

ANSWERS_Acct 611 Ch 3 Solutions - EXERCISE 3-30 1...

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EXERCISE 3-30 1. Raw-Material Inventory Work-in-Process Inventory 295,100 23,400 226,200 226,200 68,900 421,200 234,000 Wages Payable 156,000 421,200 748,800 Manufacturing Overhead Finished-Goods Inventory 234,000 39,000 156,000 Sales Revenue 171,600 253,500 23,400 Accounts Receivable Cost of Goods Sold 253,500 171,600 2. J AY S PORTS E QUIPMENT C OMPANY , I NC . P ARTIAL B ALANCE S HEET A S OF D ECEMBER 31, 20 X 2 Current assets Cash .................................................................... XXX Accounts receivable ............................................. XXX Inventory Raw material ................................................... $ 68,900 Work in process ............................................... 748,800 Finished goods ................................................ 23,400 J AY S PORTS E QUIPMENT C OMPANY , I NC . P ARTIAL I NCOME S TATEMENT F OR THE Y EAR E NDED D ECEMBER 31, 20 X 2 Sales revenue ........................................................... ................................................................................ $253,50 0 Less: Cost of goods sold ............................................ 171,600 Gross margin ............................................................ ................................................................................ $ 81,900
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PROBLEM 3-42 1. hour per $13 (10) (2,000) $260,000 hours labor - direct budgeted overhea ing manufactur budgeted rate overhead ned Predetermi = = = 2. Journal entries: (a) Raw-Material Inventory ....................... 34,800 Accounts Payable ......................... 34,800 (b) Work-in-Process Inventory ................... 540 Raw-Material Inventory ................ 540 (c) Manufacturing Overhead ..................... 125 Manufacturing-Supplies Inventory 125 (d) Manufacturing Overhead ..................... 7,000 Accumulated Depreciation: Building ..............................................
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