Chapter 2 - SOLUTIONS TO EXERCISES EXERCISE 2-1(a Factory...

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SOLUTIONS TO EXERCISES EXERCISE 2-1 (a) Factory Labor. .......................................................... 92,000 Factory Wages Payable. .................................. 80,000 Employer Payroll Taxes Payable. ................... 8,000 Employer Fringe Benefits Payable. ................ 4,000 (b) Work in Process Inventory ($92,000 X 85%). ........ 78,200 Manufacturing Overhead. ........................................ 13,800 Factory Labor. ................................................... 92,000 EXERCISE 2-2 (a) May 31 Work in Process Inventory. ................... 10,400 Manufacturing Overhead. ...................... 800 Raw Materials Inventory. ................ 11,200 31 Work in Process Inventory. ................... 13,000 Manufacturing Overhead. ...................... 1,200 Factory Labor. ................................. 14,200 31 Work in Process Inventory. .................... 11,700 ($13,000 X 90%) Manufacturing Overhead. ............... 11,700 31 Finished Goods Inventory. ..................... 9,060 Work in Process Inventory. ............ 9,060
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($2,000 + $2,500 + $2,400 + $2,160)* *$2,400 X 90% (b) Work in Process Inventory May 1 Balance 3,200 31 10,400 31 13,000 31 11,700 May 31 9,060 May 31 Balance 29,240
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EXERCISE 2-2 (Continued) Job Cost Sheets Job No. Beginning Work in Process Direct Material Direct Labor Manufacturing * Overhead Total 430 431 $1,200 0 $1,200 $3,500 4,400 $7,900 $ 3,000 7,600 $10,600 $2,700 6,840 $9,540 $10,400
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This note was uploaded on 05/16/2011 for the course AC 303 taught by Professor Richardkido during the Spring '11 term at Chaminade University.

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Chapter 2 - SOLUTIONS TO EXERCISES EXERCISE 2-1(a Factory...

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