Chapter Two and Three Problems Essays

983 WordsJul 7, 20134 Pages
Chapter Two and Three Problems Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Chapter 2 Exercise 1 1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases: a. Jackson Corporation has common stock with a par value of $1 per share. b. Royal Corporation has no-par common with a stated value of $5 per share. c. French Corporation has no-par common; no…show more content…
Total direct materials consumed b. Total direct labor c. Total prime cost d. Total conversion cost Chapter 3 Exercise 5 5. Schedule of cost of goods manufactured, income statement The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor | $85,000 | | Administrative expenses | $59,000 | Selling expenses | 34,000 | | Work in. process | | Sales | 300,000 | | Jan. 1 | 29,000 | Finished goods | | | Dec. 31 | 21,000 | Jan. 1 | 115,000 | | Direct material purchases | 88,000 | Dec. 31 | 131,000 | | Depreciation: factory | 18,000 | Raw (direct) materials on hand | Indirect materials used | 10,000 | Jan. 1 | 31,000 | | Indirect labor | 24,000 | Dec. 31 | 40,000 | | Factory taxes | 8,000 | | | | Factory utilities | 11,000 | Prepare the following: a. A schedule of cost of goods manufactured for the year ended December 31. b. An income statement for the year ended December 31. Chapter 3 Problem 3 3. Manufacturing statements and cost behavior Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows. Per Unit |
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