practice exam 1 problem key

practice exam 1 problem key - Selling Expenses 425...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
file:test107springproblemkey dgd:03/07 Problem One: Schedule of Cost of Goods Manufactued Direct Material Beg. Material Inventory $128 Plus: Purchases 435 Material Available $563 Less: End Material Inventory -112 Material Used $451 Plus: Direct Labor 393 Plus: Applied Overhead 411 Current Manufacturing Costs $1,255 Plus: Beg WIP 162 Subtotal $1,417 Less: End WIP -178 Cost Of Goods Manufactured $1,239
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
file:test107springproblemkey dgd:03/07 Problem One: Income Statement Sales $3,000 Less: Cost of Goods Sold Beg. F.G. Inventory $200 Plus: COGM 1239 GAFS $1,439 Less: End F.G. Inventory -187 Unadjusted COGS $1,252 Plus: Underapplied OH 19 Adjusted COGS 1,271 Gross Profit $1,729 Less: Operating Expenses
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Selling Expenses 425 Administrative Expenses 450 875 Net Income $854 file:test107springproblemkey dgd:03/07 Problem Two Total OH 600000 $75 Per MH Total Machine Hours 8000 Job A Job B Machine Hours 6000 2000 x Rate 75 75 Overhead Allocation 450000 150000 Using ABC Three Pools Direct Labor Related 0.5 600000 $300,000 Design 0.3 600000 $180,000 Inspection 0.2 600000 $120,000 Activity Rates Direct Labor Related $300.000/8,000 $37.50 Design $180,000/(200+800) $180.00 Inspection $120,000/500 $240.00 Job A Job B Direct Labor Related 225000 75000 Design 36000 144000 Inspection 120000 Total 261000 339000...
View Full Document

This note was uploaded on 12/10/2011 for the course ACCT 208 taught by Professor Kingery during the Winter '08 term at University of Delaware.

Page1 / 3

practice exam 1 problem key - Selling Expenses 425...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online