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Pr 3-24 solution

# Pr 3-24 solution - Problem 324(90 minutes 1 a b Raw...

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Problem 3-24  (90 minutes) 1. a. Raw Materials ................................................................. 820,000 Accounts Payable ................................................... 820,000 b. Work in Process .............................................................. 817,000 Manufacturing Overhead ................................................ 13,000 Raw Materials ......................................................... 830,000 c. Work in Process .............................................................. 140,000 Manufacturing Overhead ................................................ 60,000 Salaries and Wages Payable .................................. 200,000 d. Salaries Expense ............................................................ 150,000 Salaries and Wages Payable .................................. 150,000 e. Prepaid Insurance ........................................................... 38,000 Cash ........................................................................ 38,000 Manufacturing Overhead ................................................ 39,400 Insurance Expense ......................................................... 600 Prepaid Insurance ................................................... 40,000 f. Marketing Expense ......................................................... 100,000 Accounts Payable ................................................... 100,000 g. Manufacturing Overhead ................................................ 28,000 Depreciation Expense ..................................................... 12,000 Accumulated Depreciation ...................................... 40,000 h. Manufacturing Overhead ................................................ 12,600 Accounts Payable ................................................... 12,600 i. Work in Process .............................................................. 156,000 Manufacturing Overhead ......................................... 156,000 \$135,000 =\$7.50 per DLH; 20,800 DLH  ×  \$7.50 per DLH =  \$156,000. 18,000 DLH j. Finished Goods ........................................................... 1,106,000 Work in Process .................................................. 1,106,000 k. Accounts Receivable ................................................... 1,420,000 Sales ................................................................... 1,420,000 Cost of Goods Sold ..................................................... 1,120,000 Finished Goods ................................................... 1,120,000 l. Cash ............................................................................ 1,415,000 Accounts Receivable ........................................... 1,415,000 m. Accounts Payable ....................................................... 970,000 Salaries and Wages Payable ...................................... 348,000 Cash .................................................................... 1,318,000

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Problem 3-24  (continued) 2. Cash Accounts Receivable Bal. 9,000 (e) 38,000 Bal. 30,000 (l) 1,415,000 (l) 1,415,000 (m) 1,318,000 (k) 1,420,000 Bal. 68,000 Bal. 35,000 Raw Materials Work in Process Bal. 16,000 (b) 830,000 Bal. 21,000 (j) 1,106,000
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Pr 3-24 solution - Problem 324(90 minutes 1 a b Raw...

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