week 2 individual - E2-9 A) Yellow Knife Manufaturing...

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Unformatted text preview: E2-9 A) Yellow Knife Manufaturing Company Cost of Goods Manufactured Schedule For The Month Ended May 31, 2005 Workin Process May1 Direct Materials Direct Labor Manufacturing overhead applied Total manufacturing costs Total costo of work in process Workin Process May 31 Cost of goods manufactured $14,700 $62,400 32,000 48,000 $142,400 $157,100 17,900 $139,200 Yellso Knife Manufacturing Company Income Statement B) Sales Cost of Goods Sold Finished Goods, May 1 Cost of goods manufactured Cost of goods available for sale Finished Goods, May 31 Cost of goods sold Gross Profit $200,000 12,600 139,200 151,800 11,500 140,300 $59,700 C) The manufacturing inventories for the balance sheet ending in May 31 is reported in the current assets which includes Raw materials of $7,100, Finished Goods of $11,500 and Work in process of $17,900 E3-5 Han Furniture Company Sanding Department Production Cost Report For the month ended April 30, 2005 Quantaties Physical units Units to be accounted for Work in Process, April 1 Started into production (12,000 + 3,000 = 15,000) Total units (12,000 + 3,000 = 15,000) 12,000 3,000 15,000 Conversion Costs 0 15,000 15,000 Units Accounted for Transferred out Work in process, April 30 Total units Materials 12,000 3,000 15,000 12,000 1,200 13,200 Conversion cost = 3,000 x 40% = 1,200 Costs Unit Costs Costs in April Equivalent units Units costs Materials 36,000 15,000 2.4 Conversion Costs 67,320 13,200 5.1 Cost to be accounted for work in process, April 1 Started into production Total costs Total 103,320 7.5 $0 103,320 $103,320 Cost Reconciliation Schedule Costs accounted for Transferred out Work in process Materials Conversion Costs Total Costs Calculations: Transferred out: 12,000 * 7.50 = 90,000 Materials: 3,000 * 2.4 = 7,200 Conversion Costs: 1,200 * 5.10 = 6,120 $90,000 7,200 6,120 13,320 $103,320 Calculations conversion costs = $30,000 + 37,320 = 67,320 Unit costs for Materials: 36,000 / 15,000 = 2.4 Unit costs for Conversion costs: 67,320 / 13,200 = 5.1 ...
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This note was uploaded on 07/18/2011 for the course ACC 349 taught by Professor Christie during the Spring '08 term at University of Phoenix.

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