AC202 Week 5 Homework Answers

AC202 Week 5 Homework Answers - Exercise 20-5 (20 minutes)...

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Exercise 20-5 (20 minutes) 1. Units in beginning inventory. .................................... .................................................................................... 30,000 Units started and completed. .................................... 120,000 Total units transferred to finished goods. ................ 150,000 2. Equivalent units of production – weighted average Equivalent Units of Production Direct Direct Materials Labor Units completed & transferred out (150,000 x 100%). ...................................................................................... 150,000 150,000 Units of ending goods in process Direct materials (41,000 x 80%). ......................................... 32,800 Direct labor (41,000 x 30%). ................................................ _______ 12,300 Equivalent units of production. ............................................. 182,800 162,300
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Problem 20-1A (45 minutes) Part 1: Cost of goods transferred and cost of goods sold Beginning goods in process inventory. ...................... $ 441,500 Direct materials used in production. ........................... 187,000 Direct labor used in production. ................................. 704,000 Overhead applied (110% of direct labor cost). ........... 774,400 Total production costs. .............................................. 2,106,900 Less ending goods in process inventory. ................ (504,000 ) Transferred to finished goods inventory (a). .............. $1,602,900 Beginning finished goods inventory . ......................... $ 638,000 Plus goods transferred from production . .................. 1,602,900 Goods available for sale . ............................................ 2,240,900 Less ending finished goods inventory. ...................... (554,000 ) Cost of goods sold (b) . ............................................... $1,686,900 Part 2: Summary journal entries recording transactions. a.
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AC202 Week 5 Homework Answers - Exercise 20-5 (20 minutes)...

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