AC505 Solution to Practice Quiz

# AC505 Solution to Practice Quiz - AC505 Solution to...

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AC505 Solution to Practice Quiz #1 1. A 2. D 3. B 4. Cost Summary: Direct Materials \$ 78,000 Direct Labor 45,000 Manufacturing Overhead 33,750 ( \$45,000 X 75%) ---------- Total Cost \$ 156,750/Units Completed 4,000 = Unit Product Cost = \$ 39.19 5. a. Raw Materials Inventory 45,000 Accounts Payable 45,000 b. Work In Process 23,000 Manufacturing Overhead 12,000 Raw Materials Inventory 35,000 c. Work in Process 47,000 Manufacturing Overhead 15,000 Salaries and Wages Payable 62,000 d. Manufacturing Overhead 12,000 Accumulated Depreciation 12,000 e. Depreciation Expense 5,000 Accumulated Depreciation 5,000 f. Work in Process 37,600

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Manufacturing Overhead 37,600 g. Finished Goods 75,000 Work in Process 75,000 h. Accounts Receivable 48,000 Sales Revenue 48,000 Cost of Goods Sold 36,000 Finished Goods 36,000 6. a. Units transferred out 22,000 Add: equivalent units in ending inventory ( 9,000 X 40%) 3,600 Equivalent units for conversion costs 25,600 b. Work in Process, September 1 \$ 48,640 Conversion Costs added during the current month
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## This note was uploaded on 03/26/2012 for the course AC505 AC505 taught by Professor Dillan during the Spring '10 term at Keller Graduate School of Management.

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AC505 Solution to Practice Quiz - AC505 Solution to...

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