for-final-examination-of-managerial-accounting-imdyear-3-2010

For-final-examination-of-managerial-accounting-imdyear-3-2010

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
P2-141) the following data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year. Sales . .......................................................................... $950 Purchases of raw materials . ....................................... $170 Direct labor . ............................................................... $210 Manufacturing overhead . ........................................... $200 Administrative expenses . ........................................... $180 Selling expenses . ........................................................ $140 Raw materials inventory, beginning . ......................... $70 Raw materials inventory, ending . .............................. $80 Work in process inventory, beginning . ...................... $30 Work in process inventory, ending . ........................... $20 Finished goods inventory, beginning . ........................ $100 Finished goods inventory, ending . ............................. $70 Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above as needed, prepare an Income Statement in good form P3-109) Aladili Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials . ............................... $36,000 Work in process . ............................ $41,000 Finished goods . .............................. $104,000 The company applies overhead to jobs using a predetermined overhead rate based on machine- hours. At the beginning of the year, the company estimated that it would work 21,000 machine- hours and incur $210,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased, $346,000. b. Raw materials were requisitioned for use in production, $338,000 ($302,000 direct and $36,000 indirect). c. The following employee costs were incurred: direct labor, $360,000; indirect labor, $68,000; and administrative salaries, $111,000. d. Selling costs, $153,000. e. Factory utility costs, $29,000. f. Depreciation for the year was $102,000 of which $93,000 is related to factory operations and $9,000 is related to selling and administrative activities. g. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 19,000 machine-hours. h. The cost of goods manufactured for the year was $870,000. i. Sales for the year totaled $1,221,000 and the costs on the job cost sheets of the goods that were sold totaled $855,000. j. The balance in the Manufacturing Overhead account was closed out to Cost of
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/15/2012 for the course ACC 100 taught by Professor Christaylor during the Spring '09 term at Strathmore University.

Page1 / 8

For-final-examination-of-managerial-accounting-imdyear-3-2010

This preview shows document pages 1 - 2. Sign up to view the full document.

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