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Exercises_exam1a - MGA 202 Exercises for Exam#1 Note These...

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MGA 202 Exercises for Exam #1 Note: These exercises provide additional practices for preparing the exam. They do not cover every topic required and may differ from Exam #1 in format and content. That is, the exercises are not a substitute for your own study. For each question involving calculations, you must show your calculations clearly to receive any credit. Don’t just write the answer in the answer space. I. Manufacturing Cost Flows The following information is available on production activities for AAA Manufacturing Company for the year 2004: Beginning materials inventory $ 20,000 Materials purchases 130,000 Direct materials used 108,000 Indirect materials used 25,000 Beginning work-in-process inventory 60,000 Ending work-in-process inventory 68,000 Beginning finished goods inventory 25,000 Ending finished goods inventory 28,000 Direct labor costs incurred 200,000 Indirect labor costs incurred 100,000 Manufacturing overhead incurred (other than indirect materials and indirect labor) 180,000 Manufacturing overhead is applied at a rate of $1.50 per direct labor dollar (150% of direct labor cost). The materials inventory includes direct materials and indirect materials. Calculate the following amounts for 2004. For each question, provide your calculations next to or below the question. a. Ending materials inventory $_________________ b. Manufacturing overhead applied $_______________ c. Cost of goods completed $_________________ d. Amount of over- or under-applied overhead: $___________ over under- applied ( circle one ) II. Process costing
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Chabaud Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 500 units. The
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