Geraldgwapo

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1 CHAPTER 16 Answers to Multiple Choice –Theoretical 1. 2. 3. 4. 5. a b d a a 6. 7. 8. 9. 10. c c a a C Solutions to Multiple Choice – Computational 1. b Materials and In Process Inventory (MIP), June 1 Materials received Materials and In Process Inventory (MIP), June 30 Materials used to be backflushed to finished goods 2. a Raw materials purchased Raw materials used Balance of MIP, end 3. P 10,000 205,000 ( 12,500) P202,500 P880,000 (850,000) P 30,000 c MIP inventory, beginning Raw materials purchased MIP inventory, ending Materials to be backflushed to finished goods Conversion costs to be backflushed to finished goods 4. P 38,700 680,000 ( 41,900) P676,800…show more content…
4,234,400 Cost of goods sold Finished goods To record cost of finished goods. 3,432,000 Applied conversion costs Conversion costs Cost of goods sold To record disposition of under/over applied conversion costs. 723,600 3,484,000 750,400 3,432,000 750,400 723,600 26,800 Problem 16-4 (a) (b) (c) (d) Materials and In Process Inventory Accounts payable To record materials purchased. 550,000 Conversion costs Various accounts To record actual conversion costs incurred. 440,000 Finished goods inventory (21,000 x P45) MIP inventory (21,000 x P25) Applied conversion costs (21,000 x P20) To record cost of finished goods. 945,000 Cost of goods sold (20,000 x P45) Finished goods inventory To record cost of goods sold. 900,000 550,000 440,000 525,000 420,000 900,000 5 Problem 16-5 (a) (b) (c) (d) Materials inventory Accounts payable To record materials purchased. 550,000 Conversion costs Various accounts To record actual conversion costs incurred. 440,000 Cost of goods sold Materials inventory Applied conversion costs 900,000 Applied conversion costs Cost of goods sold Conversion costs To closed under or over-applied conversion costs. 400,000 40,000 550,000 440,000 500,000 400,000 440,000 Problem 16-6 (a) No entry for materials purchased (b) Conversion costs

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