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

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