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Week 3 Homework Solutions_17AD6

Week 3 Homework Solutions_17AD6 - EXERCISE 5-16(a...

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EXERCISE 5-16 (a) CHAMBERLIN MANUFACTURING Cost of Goods Manufactured Schedule For the Month Ended June 30, 2008 Work in process inventory, June 1 ............... .............................................................. $5,000 Direct Materials Raw materials inventory, June 1 .............. $9,000 Raw materials purchases ......................... 54,000 Total raw materials available for use ....... 63,000 Less: Raw materials inventory, June 30. 13,100 Direct materials used ................................ 49,900 Direct labor ..................................................... 57,000 Manufacturing overhead Indirect labor .............................................. $5,500 Factory insurance ..................................... 4,000 Machinery depreciation ............................ 4,000 Factory utilities .......................................... 3,100 Machinery repairs ...................................... 1,800 Miscellaneous factory costs .................... 1,500 Total manufacturing overhead ............ 19,900 Total manufacturing costs ............................ ............................................................ 126,800 Total cost of work in process ........................ ............................................................ 131,800 Less: Work in process inventory, June 30... 7,000 Cost of goods manufactured ......................... ............................................................ 124,800 (b) CHAMBERLIN MANUFACTURING (Partial) Balance Sheet June 30, 2008 Current assets Inventories
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Finished goods ..................................... $6,000 Work in process ................................... 7,000 Raw materials ....................................... 13,100 ............................................................ $26,100 Product Costs Direct Direct Manufacturing Cost Item Material s Labor Overhead Rent on factory equipm ent $ 7,000 Insuran ce on factory building 1,500 Raw material s $75,000 Utility costs for factory 900 Supplie s for general office Wages for assembl $43,000
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y line workers Depreci ation on office equipm ent Miscella neous material s 1,100 Factory manage r’s salary 5,700 Propert y taxes on factory building 400 Advertis ing for helmets Sales commis sions Depreci ation on factory building 1,500 $75,000 $43,000 $18,100
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PROBLEM 5-1A
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